Are Mandatory Retirement Plans Coming to Your Workplace?

The Department of Labor’s final rule, exempting state plans from ERISA, paves the way for mandatory payroll deduction retirement savings plans to take effect. A number of states, including California, Connecticut, Illinois, Maryland, and Oregon, have enacted programs that are mandated for firms without qualified retirement plans; they were waiting for DOL action before putting the plans into effect. A list of state-based retirement plans for the private sector can be found at the Pension Rights Center.


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