Photo: Gillis Benedict ~ USA TODAY NETWORK
LANSING, April 3, 2024 ~ A bill going through the Michigan Legislature looks to provide state-managed retirement plans for many uninsured workers.
According to the AARP, 42% of Michigan workers between the ages of 18-64 in the private sector lack access to retirement saving plans from their employers, with State House Bill 5461 aiming to create retirement plans for small-business workers. The bill’s sponsor, Rep. Mike McFall (D-Hazel Park), told WJR‘s Guy Gordon, Lloyd Jackson, and Jamie Edmonds that, “Over the next decade, the state of Michigan is projected to spend over $11 billion in public assistance programs. Much of that is because people who are not ready for retirement will end up on those public assistance programs, so we need to act.“
PODCAST:
April 3, 2024 ~ There’s a proposal in the State House to offer state-managed retirement plans for workers whose employers don’t offer retirement savings accounts. Guy Gordon, Lloyd Jackson, and Jamie Edmonds talk with the bill’s sponsor, Rep. Mike McFall (D-Hazel Park), about how the program would work.
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