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PUBLIC RETIREMENT ACCOUNT
States look to provide pensions for private-sector workers to ease widespread retirement fears
Reported by: Associated Press
Sunday, May 4, 2014 9:35 AM EDT
Lawmakers in several states are looking at ways to provide pensions to private-sector workers.
The general aim of the measures is to establish a retirement fund in a state agency that would collect employee contributions, invest the money and pay benefits upon retirement.
Financial services businesses are lobbying to defeat the proposals, calling the idea of state-run enterprises unnecessary and a threat to private business. Opponents claimed one victory this year, knocking off a public retirement system proposed in West Virginia. Others in Maine, Indiana and Washington died in chambers.