The partnership with Colorado will give 200,000 workers in Maine who lack retirement saving plans through their employers a chance to save for retirement.
Maine and Colorado have forged a new partnership to make it easier, faster and more cost-effective for workers in Maine to save for retirement, a first-in-the-nation kind of pact that experts hope other small states will follow.
“The partnership with Colorado will help other states that are small like Maine offer these services without facing all the challenges alone,” said Angela Antonelli, executive director for the Center for Retirement Initiatives at Georgetown University. “It will make it economical and faster for Maine to offer this.”
She expects more states to offer programs to help the 57 million workers nationally who lack workplace-related retirement savings plans. These 19 state-run programs had over $1 billion in assets administered as of July 31, Antonelli said.
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