The Biden administration has backed out of a years-long battle over the future of California’s private-sector retirement savings initiative, signaling support for a growing number of states and cities that are requiring employer-provided plans.
More than 57 million U.S. workers don’t have access to retirement savings programs at work, according to the Center for Retirement Initiatives at Georgetown University. Most of them are lower-income workers who can’t afford to save on their own or lack the institutional knowledge to buy private retirement products.
To remedy that, 12 states and the city of Seattle have enacted some type of private-sector savings ...
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