Maryland will become the latest state to create a retirement program for private-sector workers who do not have access to an employer-sponsored retirement plan, under legislation that Gov. Larry Hogan signed Tuesday.
A similar bill is sitting on the desk of Connecticut’s governor.
California and Illinois are both in the process of establishing so-called Secure Choice plans. Massachusetts already has a plan in place, but it currently is limited to employees of non-profit organizations.
As these states move forward, they will need to select investments for their plans.