Proposed Kentucky bill would set up state-sponsored retirement p - WDRB 41 Louisville News

Proposed Kentucky bill would set up state-sponsored retirement plans for small businesses

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LOUISVILLE, Ky. (WDRB) -- Nearly 800,000 Kentuckians work for companies that do not offer retirement plans.

Now, Kentucky's Treasurer is backing a bill designed to help.

Under the plan, small businesses that don't offer retirement benefits for employees can become part of a state-sponsored plan. The state would contract a private company to administer the plan.

Funds would be deducted from workers' paychecks straight into their retirement accounts.

If it passes the legislature, the program would not be mandatory. Companies could decide to opt out.

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