skip to main content
skip to newscasts

Thursday, March 28, 2024

Public News Service Logo
facebook instagram linkedin reddit youtube twitter
view newscast page
play newscast audioPlay

Pulling back the curtains on wage-theft enforcement in MN; Trump's latest attack is on RFK, Jr; NM LGBTQ+ equality group endorses 2024 'Rock Star' candidates; Michigan's youth justice reforms: Expanded diversion, no fees.

view newscast page
play newscast audioPlay

Transportation Secretary Pete Buttigieg says rebuilding Baltimore's Key Bridge will be challenging and expensive. An Alabama Democrat flips a state legislature seat and former Connecticut senator Joe Lieberman dies at 82.

view newscast page
play newscast audioPlay

Historic wildfires could create housing and health issues for rural Texans, a Kentucky program helps prison parolees start a new life, and descendants of Nicodemus, Kansas celebrate the Black settlers who journeyed across the 1870s plains seeking self-governance.

Study: State-Based Retirement Savings Accounts Could Save AZ $89 Million

play audio
Play

Friday, April 28, 2017   

PHOENIX – A new study shows that Arizona could save $89 million over the next 15 years if it set up a system of state-based retirement savings accounts.

Researchers from the University of Maine found that if current low savings rates persist, a significant portion of future retirees will be forced to rely on basic support programs funded by taxpayers such as Medicaid, SSI and food and housing assistance.

David John, the senior strategic policy adviser at the AARP Policy Institute in Washington, D.C., says they also found that far fewer retirees would need those programs if the state helped them save just $1,000 more per year.

"In Arizona, between 2018 and 2032, the state itself would save $89 million in reduced costs to state taxpayers," he said.

An estimated 1.3 million Arizonans work at companies that do not offer a 401(k) retirement savings option.

AARP Arizona is seeking a sponsor for a bill to create what's called a Secure Choice program, where the state would offer to deduct money from people's paychecks and then pay a private investment firm to manage the retirement accounts.

However, there has been opposition from the financial services industry, which is concerned that these low-cost savings platforms could put their higher-fee products at a competitive disadvantage.

Dana Marie Kennedy, state director with AARP Arizona, says the state should make it as easy as possible to save for retirement.

"People just aren't saving enough to prepare for retirement," she said. "Social Security alone isn't enough to really retire on. If it's automatically taken out of their paycheck, they're more likely to save money."

Five states are in the process of implementing a Secure Choice program, including California, Oregon, Illinois, Maryland and Connecticut. However, a proposal currently before Congress, House Joint Resolution 66, would make it harder for states to set up these types of state-based savings accounts.


get more stories like this via email

more stories
A report from the Tennessee HealthCare Campaign recommended the federal government needs to strengthen 340B drug pricing and other federal negotiation mechanisms to make needed medicines more readily available and less expensive for hospitals to purchase and administer. (Spotmatikphoto/AdobeStock)

Health and Wellness

play sound

A recent report examined how some rural Tennessee hospitals have managed to stay afloat despite financial challenges. The report includes interviews …


Social Issues

play sound

Earlier this month, a new Arizona Public Service rate hike went into effect and one senior advocacy group said those on a fixed income may struggle …

Social Issues

play sound

Michigan recently implemented a significant juvenile justice reform package following recommendations from a task force made up of prosecutors…


Nearly 13 million Americans receive health coverage through unique plans under both Medicare and Medicaid. They are known as Dual-Eligible Special Needs Plans. (Adobe Stock)

Health and Wellness

play sound

Medicare and Medicaid are key sources of health coverage for many Americans and some people qualify for assistance under both programs. With lagging …

Social Issues

play sound

A mix of policy updates and staffing boosts has helped to put wage theft enforcement on the radar in Minnesota, and officials leading the efforts are …

More than six in 10 Americans favor keeping the abortion pill mifepristone available in the U.S. as a prescription drug, while over a third are opposed, according to a Gallup poll. (Adobe Stock)

Social Issues

play sound

New research shows more than six in 10 abortions in the U.S. last year were medically induced, and U.S. Sen. Catherine Cortez Masto - D-NV - is …

Social Issues

play sound

Colorado is working to boost the state's agricultural communities by getting more fresh, nutritious foods into school cafeterias - and a new online …

Social Issues

play sound

Missouri lawmakers are concerned with protecting people from the potential risks of the increasing accessibility of AI-generated images and videos…

 

Phone: 303.448.9105 Toll Free: 888.891.9416 Fax: 208.247.1830 Your trusted member- and audience-supported news source since 1996 Copyright © 2021