Opposition to state-sponsored retirement programs appears to be receding as once-loyal Republican dissenters begin backing business mandates to build nest eggs for almost all private-sector workers.
Delaware in August became the 11th state and fifth in the last two years to enact automatic-IRA legislation, propped up by an overwhelming House vote and unanimous GOP support in the Senate. Republican Pennsylvania State Treasurer Stacy Garrity has endorsed a similar measure drafted by her Democratic predecessor, and red states such as Kansas, Oklahoma, and Missouri have introduced bills of their own.
A tight labor market brought on by the Covid-19 pandemic and the example of successful auto-IRA programs in California, Illinois, and Oregon are fueling the renewed look at state-sponsored retirement plans.
State governments are also staring down the barrel of a burgeoning retirement access crisis that could one day imperil social safety nets. Nearly half of working-age Americans—57 million people—don’t have access to an employer-sponsored retirement savings plan, according to new AARP research.
In the absence of a federal workplace savings mandate, states are spearheading a push to guarantee retirement access. New state-level Republican support in the face of a years-long, multimillion-dollar lobbying effort against employer mandates signals a turning point in that fight,...
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