States throughout the United States have begun to consider state-run retirement savings programs in the confines of federal regulations, but a new report found employers across the nation are opposed to the state-run multi-employer plans. HR services and employee benefits administrations may want to look at their own state programs and watch if their state begins to study the feasibility of the programs.
According to the Retirement Advisor Council's Legislative and Regulatory Issues Plan Sponsors Need to Follow in 2013, privately-owned businesses voiced worries on the lack of transparency and customization within state-run programs. Many of the employers within the series of focus group discussions believe most state governments do not have the resources to run the program and would rather have a specialized retirement plan advisor.
"The government will push more employers to prepare their employees for retirement, " a privately-held employer in Minnesota remarked. "Social Security is a big question."
Employers worried about the regulations on business by the federal and state governments might want to speak with qualified retirement plan advisors about how to best prepare for employee's retirement. They can also monitor state legislation on benefits administration to keep ahead of any changes.
