NEW YORK (MainStreet) The government believes it knows what is best for us. Just as Obamacare mandated health insurance for all Americans, now a growing number of states are introducing legislation to obligate private-sector employers to offer retirement savings plans to their workers. In each proposal, employees would be automatically enrolled, having to opt-out of the program rather than sign up. It's a desperate effort to force U.S. citizens to save for retirement.
The list of states considering such legislation is long and growing, according to a report by the Pension Rights Center (PRC), a nonprofit advocate for retirement security. The movement to establish universal retirement savings accounts aims to utilize the "efficiencies of public retirement systems" to administer new retirement plans for private-sector workers, according to the PRC.