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Bill Would Make Retirement Plans Available To Certain Private Sector Workers

February 24th, 2014 by WCBC Radio

Maryland  lawmakers are considering a bill that supporters say will make retirement plans available to private sector workers who are not covered by employer-sponsored plans, or who have little if any retirement savings. WBAL reports the measure would apply to businesses with at least five employees that currently don't offer retirement plans. Those employers would be required to give employees the option of a payroll deduction with the money going to either a state sponsored, non-profit plan, or a private retirement plans. Under the legislation, employers would not be required to make any contributions to the retirement plan, and employees could opt out of the payroll deduction. One Maryland small business owner told a senate subcommittee that the bill would encourage more saving and would be useful for her 25 employees…





 

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