Before the vote this week, Senator Mitch McConnell of Kentucky, the majority leader, said the state rule “undermines a private retirement savings system
that millions of Americans have counted on for decades.”
Five states have already passed laws allowing for these privately managed, state-sponsored savings accounts.
Vote to Kill Retirement Account Rule Draws Criticism From State-Level Republicans -
By NOAH WEILANDMAY 5, 2017
WASHINGTON — An idea to make it easier for Americans to save for retirement
that was introduced at the conservative Heritage Foundation is in the cross hairs of a conservative Republican Congress.
The Senate this week approved by a single vote a bill rolling back an Obama-era Labor Department rule
that lets states automatically enroll small-business employees in retirement savings accounts.
This is something for which people might be able to cross the ideological chasm.”
“I was talking to a bunch of states simultaneously, not with the thought
that they would take the lead on this ultimately, but just that, if a state or two started down this road and actually tried to do it, then Congress might take notice and pass legislation to do this,” Mr. Iwry said.
“I think that state Republicans understand that there’s a retirement crisis,
and if they don’t help try to solve the crisis by getting people to save more for their own retirement, there will be pressure for bigger government handouts down the road,” she said.