America’s private sector employers face a daunting array of choices in the retirement plan market, which has grown into a $12-trillion industry since the Employee Retirement Income Security Act (ERISA) established the voluntary retirement plan system in 1974. As a consumer, an employer can find a format that meets their needs and their budget. The decision to sponsor a plan is timelier than ever, as a growing number of U.S. states now require companies either to sponsor a plan or to enroll employees automatically in state mandated Individual Retirement Accounts, known as Auto IRAs.
See the full article by Dorothy Lank in Bloomberg’s Practical Guidance here.
Copyright 2024 Bloomberg Industry Group, Inc. (800-372-1033) PEPs Lead Array of Options for a Way Out of IRAs Mandated by States. Reproduced with permission.