So much for Trump looking out for the little guy huh?
Republican lawmakers and financial industry lobbyists argue that the state auto-IRA programs put an extra burden on employers, could end up charging high fees, and improperly skirt strict regulations governing retirement plans.
Oh and notice they now concerned about regulations on retirement plans??? So, it’s all the Republicans again…sticking their holier then thou believes in our personal space.
In the final days of President Barack Obama’s administration, the Department of Labor issued rules making it clear that states, and even large cities, had the authority to create such programs. Last month the Republican-led House of Representatives voted, almost entirely along party lines, to rescind those rules.
Even if the states ultimately win, the controversy could discourage other states and cities from starting their own retirement programs. Meanwhile, more than 100 million U.S. workers continue to go without a workplace retirement account.