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Biden administration moves to protect Alaska wilderness; opening statements and first witness in NY trial; SCOTUS hears Starbucks case, with implications for unions on the line; rural North Carolina town gets pathway to home ownership.

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The Supreme Court weighs cities ability to manage a growing homelessness crisis, anti-Israeli protests spread to college campuses nationwide, and more states consider legislation to ban firearms at voting sites and ballot drop boxes.

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Wyoming needs more educators who can teach kids trade skills, a proposal to open 40-thousand acres of an Ohio forest to fracking has environmental advocates alarmed and rural communities lure bicyclists with state-of-the-art bike trail systems.

A Silver 'Savings' Lining in Gray Economic Clouds?

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Wednesday, March 11, 2009   

Olympia, WA - It can be easier to save money if it's deducted directly from your paycheck, but three out of four Washington workers in small businesses don't have that option. This week, the state Senate is debating the idea of creating simple retirement savings accounts for small companies that would be "portable" from one job to the next.

These "Washington Voluntary Accounts" were in the works even before the current economic downturn, and Gary Burris, a senior policy associate with the Economic Opportunity Institute, says having the state administer such a plan would keep the fees low.

"Oftentimes, you'll be paying two or three percent of your total investment each year in fees, and you're not really even noticing that, because it's sort of hidden. So what we're hoping to do is have an individual retirement account that the state operates, where all the fees are up-front, very clear, and as low as possible."

The idea is opposed by some in the investment banking and insurance industries, who see it as potential competition. But Burris says it's a chance to jump-start reluctant savers who are put off by all the options and costs of private plans.

"There's so many choices out there, it's so complex, it takes a lot of sort of coming up to speed to figure out where to get started. And then, they're afraid that it's going to cost them a lot of money, and they have other kinds of barriers that just keep them stuck where they are."

Burris says the State Investment Board, the same agency that invests state employees' retirement money, would manage the proposed plan. At least six other states are considering similar state-run retirement accounts.


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