WASHINGTON—AARP Executive Vice President and Chief Advocacy & Engagement Officer Nancy A. LeaMond issued the following statement today after the United States Court of Appeals for the Ninth Circuit issued a decision to uphold CalSavers, California’s retirement savings program. LeaMond said:
"AARP applauds today’s decision to uphold CalSavers, which ensures nearly all Californians have access to workplace retirement savings. With numerous states nationwide already implementing similar efforts, or considering legislation to help workers save for retirement, today’s decision allows states to continue to move forward with confidence.
“‘Work and Save’ programs like CalSavers are some of the most important to help Americans without workplace retirement plans build savings and a more secure future. This will help millions – including those who work for themselves or small businesses – have access to retirement savings programs.
“The average working-age household only has $2,500 in retirement savings and near-retirement households only have around $14,500. CalSavers and similar programs around the country are key to helping Americans save for the future.
“There is tremendous momentum building across the country to meet the needs of tens of millions of workers who want to save for retirement. Today’s decision makes clear that states have the power to help their residents build strong retirement savings.”
Over 30 states are looking at Work and Save options or considering legislation to create one. California, Oregon, and Illinois have implemented Work and Save programs, with over $220 million in assets under management to date. Colorado, Connecticut, Maryland, New Jersey, and Virginia have passed legislation to implement auto IRA Work and Save programs but have not launched yet, and New York, Washington State, New Mexico, Massachusetts, and Vermont have passed variations of Work and Save programs.
AARP is the nation’s largest nonprofit, nonpartisan organization dedicated to empowering people 50 and older to choose how they live as they age. With a nationwide presence and nearly 38 million members, AARP strengthens communities and advocates for what matters most to families: health security, financial stability and personal fulfillment. AARP also produces the nation's largest circulation publications: AARP The Magazine and AARP Bulletin. To learn more, visit www.aarp.org, www.aarp.org/espanol or follow @AARP, @AARPenEspanol and @AARPadvocates, @AliadosAdelante on social media.