Personal Finance
Is It Simpler Than Obamacare? California’s Retirement Mandate
The giant state and four others aim to use employers to revolutionize saving for millions of workers.
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The last time millions of Americans were signed up for a new government-mandated benefit program, it didn’t go so well. The initial rollout of the Affordable Care Act, or Obamacare, resulted in broken websites, angry employers, and lots of confused consumers.
Now five states, where one in five Americans lives, are attempting a similar feat, this time with retirement. The goal in California, Oregon, Illinois, Maryland, and Connecticut over the next few years is to give nearly every worker the chance to save for retirement at work.