*Letters

Opposing HB 2474: An Act Relating to Creating the Save Toward a Retirement Today State Retirement Plan Savings Program

Published on:
January 28, 2014
Issue:

SIFMA provides comments to the Washington State House of Representatives opposing HB 2474 (An Act Relating to Creating the Save Toward a Retirement Today State Retirement Plan Savings Program).

SIFMA agrees there is a savings challenge in this country. Individuals need to save more for retirement and need to better understand the benefits of compounding interest, diversification, and not accessing retirement savings accounts for other purposes.

However, SIFMA believes HB 2474 is a step in the wrong direction. It would burden the State with additional costs and liability to develop, establish and administer a new program. Such a program would directly compete with the private market, which today provides a wide variety of individual retirement account options for employees who are ready to contribute a percentage of their annual compensation towards retirement.

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