“States seeking to require employers to establish ‘automatic IRAs’ and ERISA-compliant 401(k) programs received a green light from the Obama administration with the release of rules designed to relieve concerns that state-directed retirement programs would be preempted by the federal government. The interpretive rule specifies that the state, and not the employer, would function as fiduciary in such retirement saving programs. Speaking to reporters in Chicago, Perez called states ‘great laboratories of public policy innovation.’ He said that more than two dozen states are currently considering legislation permitting them to establish savings programs.”
http://www.bna.com/dol-opens-door-n57982063631/
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