Lawmakers Consider Small Business Retirement Deduction Bill

State lawmakers are considering a bill that supporters say will make retirement plans available to private sector workers who are not covered by employer-sponsored plans, or who have little if any retirement savings.

The measure would apply to businesses with at least five employees that currently don't offer retirement plans. Those employers would be required to give employees the option of a payroll deduction with the money going to either a state sponsored, non-profit plan, or a private retirement plans.

Under the legislation, employers would not be required to make any contributions to the retirement plan, and employees could opt out of the payroll deduction.

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