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States Emerge With Options for Expanding Retirement Savings

None of the proposals to expand retirement plan coverage is a perfect fit.

Note: This commentary from Morningstar director of policy research Aron Szapiro is in response to recent developments in retirement-savings efforts. 

Last week we looked at how California is looking to expand retirement savings access through its Secure Choice plan and how that plan falls short of being a full substitution for employer plans. California is not alone in trying to improve retirement security. The GAO identified proposals in 29 states to expand retirement plan coverage in 2015. These proposals run the gamut, but they all use the structure of existing federal retirement-savings programs, and none is a perfect fit for the states' goals.