Question
Should our city create an automatic-enrollment retirement savings program for workers whose employers do not offer a plan?
Background
Many residents work for small businesses or as contractors and do not have access to an employer-sponsored retirement plan. A city-facilitated auto-enroll IRA program could help residents build savings through payroll deductions, but it would require administrative costs and coordination with employers.
Options
- Yes, offer an auto-enroll retirement savings program for eligible workers.
- Offer a voluntary opt-in program without automatic enrollment.
- Do not create a city retirement program; focus on financial education instead.
- Unsure / need more information.