I’m all for states requiring employers to offer a retirement plan or join the state-endorsed IRA program. It increases retirement plan coverage and as a member of the 401(k) industry, it can increase the potential client pool.
According to a study I read, 30,000 employers now offer a retirement plan through these mandates, whether it’s a private plan or part of the state IRA program. Regardless, I think states that have these mandates are a great way to market Pooled Employer Plans. Like many, I don’t trust the government much and would rather benefit through a private 401(k) than a public SIMPLE-IRA plan. I just think it’s a potential great source for clients for your PEP.
