More than 1.7 million North Carolinians do not have access to a workplace retirement savings plan. The lack of retirement savings puts a secure future at risk and costs taxpayers hundreds of millions of dollars in Medicaid and other social services to help retirees who lack sufficient savings.
The N.C. House of Representatives is currently considering legislation co-sponsored by Rep. Ray Pickett that would provide an easy pathway for workers to start saving out of their regular paycheck and grow the savings they need to take control of their future.
The bill would establish a purely voluntary retirement option at no cost to employers. This plan would add a valuable job benefit option to small businesses and nonprofits, many of whom are struggling to hire and retain good employees.
Workers who can save for retirement through payroll deductions are 15 times more likely to save. If your employer does not have a retirement plan, ask them to join you in contacting their legislator in support of House Bill 899 (https://www.ncleg.gov/Sessions/2021/Bills/House/PDF/H899v1.pdf).
A more stable economic future for our growing senior adult population is vital to our community.
Alan Briggs, State Executive Council,