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State initiatives set to transform retirement savings landscape

On June 8, Vermont became the first state to enact a state-facilitated Multiple Employer Plan and the ninth state to enact a program to help expand access to retirement savings options for private sector workers.

Vermont joins other states, including California, Connecticut, Illinois and Maryland, in implementing the new programs. Two states — Oregon and Washington — are scheduled to open their programs for enrollment in 2017.

In 2017, at least 23 states and cities have introduced legislation to address the retirement savings gap among private-sector workers. Since 2012, 40 states have acted to implement, study or consider legislation to establish state-facilitated retirement savings programs, according to the Center for Retirement Initiatives at Georgetown University.