State plans hit a $1 billion in assets

State automatic retirement programs have finally accumulated more than $1 billion in assets, according to data collected by the Center for Retirement Initiatives at Georgetown University.

That is a significant step, but not a huge sum when you figure 19 states have these automatic programs for employers that don’t have worksite plans.

As shown by the Pew Charitable Trusts, state-facilitated retirement savings plans for private sector workers that do not have workplace plans may have a positive effect on the creation and retention of private plans.

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