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States aim to fill pension gaps with "auto IRAs" More states are considering "automatic IRAs" to help small business workers with no access to workplace retirement plans save for their golden years, according to this article on CBS Moneywatch. An analyst claims that an employer-sponsored retirement plan is not accessible to about 50% of the workforce or some 55 million employees, and implementing automatic IRAs nationwide would benefit 37.5 million of these workers. "The state plans are pretty modest, but they're a recognition that we're facing a huge retirement income crisis in this country. Since Congress is paralyzed and not likely to do anything big or new to address this problem, the states have jumped in," says an expert with the Pension Rights Center. –CBS Moneywatch
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