This week we turn our focus to the home of Lincoln, the great state of Illinois, as well look at state-run retirement programs. For a little history, check out our posts State-Run Retirement Options in the Works and last week’s IRA Provider State-Run Retirement: A Look at California's Retirement Program).
As of today, 27 US states have made proposals to establish a state-run IRA program. As far as implementation goes, most of these states have assigned task forces to study the feasibility of creating such a program. The following is a summarizaton of the status of state-sponsored retirement plans across the nation.
The hibernating status of state-run IRA legislation may soon be receiving a wake-up call and begin to gain traction. While 401(k)s dominate the world of retirement savings plans, auto IRAs have become a logical alternative, especially for small businesses whose employees are not offered some form of retirement benefit.
Topics: State-Run IRA