States Providing Leadership with Universal Individual Retirement Accounts
The Street reports that several states are working on initiatives that would provide broader access to retirement savings vehicles.
Universal Voluntary Retirement Accounts would serve as inexpensive IRAs that are combined with a state's existing retirement system.
One fundamental objective would involve increasing participation rates among parts of the population that have limited access to retirement plans:
"According to the EOI, two out of three low-wage workers and one in four high-wage workers lack access to a retirement plan in the U.S. In 2007, 80% of private-sector workers in businesses with fewer than 25 employees didn't participate in a pension plan. Even in companies with 500 or more employees, 43% lacked coverage"
Source: The Street
