Private defined contribution savings systems like the 401(k) can work very well, particularly in a robust marketplace in which service providers compete and continually innovate. But these systems typically fall short in their coverage of smaller companies and lower income workers. In response, many governments have designed universal workplace savings (UWS) programs designed to cover the entire labor market.  Emerging auto-IRA programs in the United States are very much part of a gathering global trend.

Don’t Miss! Treasurer Torsella from Pennsylvania speaks his mind on retirement security. Updates on Auto IRA states - Illinois, Maryland, and Connecticut. States innovation – more models – Washington, Massachusetts, and Vermont. June's NAST Treasury Management Training Symposium. And, we go all over the place for pix of the week! The scroll is worth it!

Under the leadership of Treasurer Joe Torsella, in 2017 the state of Pennsylvania undertook a bipartisan Private Sector Retirement Security Retirement Task Force effort to study retirement security in the state. A key finding: the current retirement savings shortfall will cost the state more than $15 billion over the next 15 years. We catch up with the Treasurer on the latest from the Commonwealth.