Post by Logan on Jul 2, 2016 4:34:09 GMT -6
New Maryland law aims to spur retirement savings through state plan
An estimated 1 million Marylanders work for businesses that do not offer a retirement savings plan. Legislation that becomes law Friday will give them state-sponsored and private alternatives.
Maryland workers who don't have access to 401(k)s or other federal plans may choose to have money deducted from their paychecks and placed in a retirement account intended to supplement Social Security.
The new law — at least four years in the making — puts Maryland at the forefront of a national effort among states to fill what proponents call a gap left by the federal government, which they say has made it too difficult for smaller businesses and their employees to set up retirement accounts.
"Maryland has an extremely robust law," said Sarah Gill, legislative representative for state government affairs at the AARP in Washington. "I'd say it was one of the best in the country."
Read more: www.baltimoresun.com/news/maryland/politics/bs-md-new-laws-retirement-20160628-story.html
An estimated 1 million Marylanders work for businesses that do not offer a retirement savings plan. Legislation that becomes law Friday will give them state-sponsored and private alternatives.
Maryland workers who don't have access to 401(k)s or other federal plans may choose to have money deducted from their paychecks and placed in a retirement account intended to supplement Social Security.
The new law — at least four years in the making — puts Maryland at the forefront of a national effort among states to fill what proponents call a gap left by the federal government, which they say has made it too difficult for smaller businesses and their employees to set up retirement accounts.
"Maryland has an extremely robust law," said Sarah Gill, legislative representative for state government affairs at the AARP in Washington. "I'd say it was one of the best in the country."
Read more: www.baltimoresun.com/news/maryland/politics/bs-md-new-laws-retirement-20160628-story.html