08 February 2010

Retirement in West Virginia

Lawmakers are considering allowing "the state treasurer's office to create a savings program for workers in small businesses which don't offer retirement plans," The Associated Press reports.

The approach has won the backing of both liberal and conservative advocates, along with such groups as AARP, notes AP's Tom Breen.

"Participation would be voluntary," Breen writes. "Workers could choose to save, and employers could choose to match employee savings. A percentage of each paycheck would automatically go to an investment fund run by a private firm, and the state would have no obligation to make up for losses."

But the article also observes that critics hail from all sides as well. "Liberals suspect plans like this could be a government giveaway to the financial sector, while conservatives argue it's a case of government meddling in the marketplace," it said.

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