California is a bellwether state on many fronts, and the latest is a proposal making its way through that state’s legislature to let private businesses and workers funnel direct payroll deposits into a retirement investment account. The California Public Employees’ Retirement System (CalPERS) would administer the pooled money.
This idea has been around a while, but it’s getting real traction in many states now, as people become more worried about their retirement security.
In fact, the Washington State Department of Retirement Systems is currently designing a program called Washington Voluntary Accounts (WVA), based upon a policy proposal developed by EOI, to expand retirement security for Washington workers who aren’t covered by a retirement plan at work.
Filed under: retirement security, public policy, retirement, retirement savings accounts, washington state
