23.16: Workplace Pensions
Create Automatic Workplace Pensions Other Information:
The Obama-Biden retirement security plan will automatically enroll workers in a workplace pension plan. Under this plan, employers
who do not currently offer a retirement plan will be required to enroll their employees in a direct-deposit IRA account that
is compatible to existing direct-deposit payroll systems. Employees may opt out if they choose. Experts estimate that this
program will increase the savings participation rate for low and middle-income workers from its current 15 percent level to
around 80 percent.
Indicator(s):
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