According to the U.S. Department of Labor (DOL), one-third of American workers do not have the option to participate in a retirement savings plan through their employers.1 To help employees save for retirement, more states are passing or exploring legislation that requires employers to automatically enroll their workers in state-sponsored payroll deduction savings programs. The employee may then opt out, or change the beginning contribution amount, if the employee wishes to do so. Generally, this legislative trend affects only employers that do not offer access to an employer-sponsored retirement plan.
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