The Oregon House of Representatives voted along party lines today to pass a bill creating a task force to look at a statewide retirement plan for private-sector workers.
now heads to the Senate after passing today on a 33-25 vote. It creates a task force that explores ways of
and whether to set up a statewide retirement savings plan, much like the Oregon College Savings Plan. Currently more than one-third of private-sector U.S. workers has no access to retirement plan through their jobs,
.
The finance industry has opposed the legislation. Among the opponents is the trade group SIFMA, the Securities Industry and Financial Markets Association.
"There is no reason for the State of Oregon to enter into competition with Oregon financial services companies who employ thousands of workers in the state and already provide these services, at no direct cost to the State," SIFMA lobbyist Elise Brown
.
Rep. Jules Bailey, co-sponsor of the bill, said the task force will merely study the issue and provide recommendations to the legislature in September 2014. He said it creates no mandates for employers or taxpayers.
"It says right in the bill the plan can't have any financial obligation on taxpayers," Bailey said.
What do you think?
Do you lack a workplace retirement plan? Should the state create a volutnary retirement plan that resembles the Oregon College Savings Plan?