If your employer does not offer a 401(k) or other retirement plan for employees, you are not alone.
For example, in Connecticut, my home state, more than 600,000 private-sector employees do not have access to an employee-sponsored retirement savings plan.
On a nationwide basis, 57 million Americans (nearly half of the private sector workforce aged 18 to 64) work for companies that do not provide retirement plans, according to a 2022 AARP Public Policy Institute fact sheet ( tinyurl.com/2s3sr7xb). If you focus on smaller companies (fewer than 10 employees), about 78% lack access to a retirement plan.
Sixteen states want this to change. California, Colorado, Connecticut, Delaware, Hawaii, Illinois, Maine, Maryland, Massachusetts, New Jersey, New Mexico, New York, Oregon, Vermont, Virginia and Washington have enacted programs for private-sector workers, with nine of these states having active programs, according to Georgetown University’s Center for Retirement Initiatives ( tinyurl.com/474jt7f3).
In California, which had a full statewide launch of its program in July 2019, there were more than 420,000 funded accounts in the CalSavers Retirement Savings Program at the end of April 2023 ( tinyurl.com/y4dpjrds). In Illinois, the Secure Choice program, which launched in 2018, had more than 122,000 funded accounts as of April 30, 2023 ( tinyurl.com/m8ta7vme).
Keep in mind that each state has different rules.
Connecticut employers with more than five employees (who make $5,000 a year or more in taxable wages) are required to provide a retirement plan, either directly on their own or...
from News https://www.ctpost.com/news/article/julie-jason-no-retirement-plan-at-work-change-18097251.php
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