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State-mandated plans designed to make retirement savings plans accessible to a larger number of America's workforce may not be the panacea many hoped they would be.
Traditional 401(k) plans are often too expensive and complex for most small and medium-sized companies, leaving 81 million people without access to a workplace retirement savings plan. Many states are attempting to close this gap by mandating that employees offer a retirement plan and setting up state-run plans as an option.
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