2 weeks 2 days ago
There are much better solutions - solutions that would reach gig workers, employees who are eligible for their employer-sponsored plan but do not participate, employees who are not yet eligible for their employer-sponsored plan, those who are in a class that is not eligible for their employer-sponsored plan, and those who are covered by a non-contributory pension plan but don't stick around long enough to vest.
The state auto IRAs introduced to date are suboptimal. In the first couple of years, more than half of participants have an account balance that is less than their contributions - including those who have yet to make a withdrawal.
Consider: https://401kspecialistmag.com/how-states-define-success-for-their-ira-mandates/
