Lisa Bleier on Financial Services on Universal Retirement Accounts

Lisa Bleier, Managing Director, Public Policy and Advocacy, SIFMA provides testimony to the Massachusetts (MA) Joint Committee on Financial Services on MA House Bill 1194, an act relative to universal voluntary retirement accounts. H.1194 would create a state-run, two-tiered retirement savings program for the private sector. The state would make an employer-based retirement savings plan available to any employer with 100 or fewer employees; it would also make workplace based individual retirement accounts available to all private sector workers. SIFMA feels strongly that the proposal is a step in the wrong direction – forcing Massachusetts companies to compete with the state for business while burdening the state with additional costs and liability.