Washington state should establish a public-private partnership to set up a low-cost, easily administered retirement savings program for private sector employers, according to Hank Kim, executive director and counsel of the National Conference on Public Employee Retirement Systems (NCPERS).
The executive director made the assertion during his testimony before the Washington State House Committee on Labor & Workforce Development yesterday.
"So 1.57 million workers – or more than half of the state's private sector workers – are not saving for retirement," Kim said. "We know the vast majority of these workers work for small employers, those with fewer than 100 workers. The result is that there are generations of Washington workers moving through their working years with little or no retirement savings who will have only Social Security to rely on."
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