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Tuesday, June 25, 2024

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Opponents of latest AR state tax cuts say they benefit wealthy Arkansans; Julian Assange agrees to a plea deal that would allow him to avoid imprisonment in US; Tech-based carbon-capture projects make headway in local government; NV nonprofit calls Biden's student debt initiatives economic justice.

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Charges against fake electors in Nevada are dismissed, Milwaukee officials get ready to expect the unexpected at the RNC convention, and the Justice Department says Alaska is violating the Americans with Disabilities Act.

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A Minnesota town claims the oldest rural Pride Festival while rural educators say they need support to teach kids social issues, rural businesses can suffer when dollar stores come to town and prairie states like South Dakota are getting help to protect grasslands.

Ohio lawmakers ponder committee to address ‘looming retirement crisis’

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Wednesday, May 15, 2024   

Ohio lawmakers are exploring ways to address the state's looming retirement crisis.

According to The Pew Charitable Trusts, if the personal retirement savings situation remains unchanged, Ohio could expect to see a more than $11 billion increase in state spending over the next two decades.

House Bill 501 would create a Joint Legislative Study Committee tasked with studying retirement options for small businesses and state-facilitated workplace programs to improve access to retirement savings.

Amy Milam, associate state director of outreach and advocacy for AARP Ohio, said people are more likely to save for their golden years when they can do so by having a percentage of their paycheck deducted.

"In Ohio, we have 42% of Ohio's private sector workers -- that's roughly 1.8 million people -- who do not have access to a retirement savings plan through their employer," Milam reported.

Nationwide, around 64% of Hispanic workers, and 45% of Asian American workers lack access to an employer-provided retirement plan. According to an AARP report, almost three of four workers with less than a high school diploma lack a work-based retirement plan, a much higher percentage than those with a bachelor's degree.

Milam added more than a dozen other states have created partnerships with employers to offer state-sponsored plans to give employees access to Individual Retirement Accounts.

"Giving employees a simple way to save for retirement on the job means that fewer Ohioans will need to rely on public assistance later in life," Milam emphasized. "Which will benefit the individual and will also benefit the state by saving taxpayer dollars."

In some states, investment companies have pushed back on state-sponsored plans, seeing them as competition. But a 2023 survey by AARP found 92% of Ohio business owners support legislation creating a public-private retirement savings option for workers.

Disclosure: AARP Ohio contributes to our fund for reporting on Budget Policy and Priorities, Health Issues, and Senior Issues. If you would like to help support news in the public interest, click here.


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