Several states are plowing ahead with efforts to give more people access to retirement savings accounts, even as the federal government shuts down a program that aimed to do the same.
On Friday, the 30,000 participants in the Obama-era program — called myRA and intended for people with no access to workplace savings plans — received notice of the closing. The Treasury Department cited low demand and taxpayer cost as reasons for ending the initiative.
At the same time, Oregon is a month into the first pilot phase of its program, called OregonSaves. The law that created it requires employers to sign up their workers (who can opt out) for payroll deductions that go into an individual retirement account. A handful of other states — including Illinois, Maryland, Connecticut and California — are in the process of implementing similar strategies.