News
State-run ‘automatic IRA’ gets boost
Calpensions: President Obama said he has directed his labor department to propose rules showing states how to create what in California could be an “automatic IRA,” a payroll deduction that puts money into a tax-deferred savings plan unless workers opt out. The rules are expected to answer a key question: Is Secure Choice exempt from a federal retirement law, ERISA, that not only has employer administrative costs but may also expose employers to liability for failed investments and other problems?