Minnesota Senate Media Services
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Promoting the Minnesota Secured Choice Retirement Act
Posted
April 5, 2017
Views
59
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April 5, 2017
59
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23:28Now PlayingLawmakers and advocates unveiled the Minnesota Secure Choice Retirement Act at a State Capitol press conference Wednesday, April 5. The bill would provide new retirement plan options for Minnesotans who do not have access to workplace-based retirement programs.
According to AARP, 55 percent of small businesses do not offer retirement savings plans for their employees, and 54 percent of Minnesotans are concerned that they will not save enough money for retirement.
The Senate sponsor of the measure, Senator Sandra Pappas, DFL-St. Paul, said, “In order to protect the future of our state tomorrow, we need to start preparing yesterday. Unfortunately, people closest to retirement haven’t saved enough in part because they lack access to a reliable savings plan.”
Representative Jamie Becker-Finn, DFL-Roseville, author of the House version of the bill, says retirement plan options should be “portable and affordable”, with low fees, better interest rates and greater access to financial products.
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