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Delaware last week became the latest state to enact a state-run retirement program for workers at companies that don't offer a 401(k) or similar workplace plan. Delaware EARNS (Expanding Access for Retirement and Necessary Savings) requires businesses with more than five employees that don't currently offer a retirement plan to participate through a simple payroll process.

"We've worked long and hard to make this program a reality for Delawareans who lack access to an employer-sponsored retirement program," state Treasurer Colleen Davis said in a statement. Her office will hire an executive director to guide the operation of the program and work with a board that was established by the legislation to oversee the initial design and implementation of the program.

The state will join 15 other states and two cities that either already have launched similar programs or plan to do so. So far, workers have amassed more than $500 million through these state-administered retirement-savings options, according to Georgetown University's Center for Retirement Initiatives.