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Why CalSavers, & the Other New State IRA Plans Are Not Good Enough

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Call me old fashioned, but I’m a fan of government that works to serve the people that it is elected to serve, in part, by recognizing significant gaps that capitalism has left behind, and at least giving a fighting effort to fill them. One of the largest such gaps in our country right now is with lackluster retirement savings and voluntary retirement saving participation rates. With defined benefit pensions going extinct in recent decades (just 17% of employees now have access to one), voluntary employer 401K’s have left a big hole in retirement savings. 29% of all workers and...

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