States to Help Workers Save for Retirement

via Wall Street Journal

Diana Bartlett, shown with her daughter in Portland, Ore., has worked a series of short-term jobs without retirement plans.

Rose Hackenbruck knows she should be saving for retirement. But with a mortgage and a daughter to raise on about $43,000 a year, the 39-year-old bartender in Portland, Ore., doesn’t have much left at the end of the month.

“That money quickly goes away if you don’t have something structured already set up,” said Ms. Hackenbruck, who is divorced. Her employer, like many bars and restaurants, doesn’t offer retirement benefits.

Something structured could be coming her way soon.

In July, Oregon became the third state to enact legislation creating automatic individual retirement accounts for workers who don’t have retirement plans at work. The plans are an attempt to cushion the blow for millions of workers who could someday find themselves too old to work but short of savings, state officials said.

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Eric is a Producer at Lockton Insurance Brokers, Inc., the world’s largest privately held commercial broker. Eric has over 23 years of experience in the insurance industry and has spent the last 11 years with Lockton. Eric specializes in Health & Welfare Benefits, Retirement Planning, and Executive Benefits. Eric's clients utilize his expertise in the areas of Plan Due Diligence, Transaction Structure, Fiduciary Oversight, Investment Design, Compliance and Vendor negotiation to improve the operational & financial outcome for each client. The Benefit Blog is a place to share that expertise and industry news.
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