Bill could help over a million Arizonans build a more secure future
AARP Arizona today applauds Governor Doug Ducey for signing a bill to establish an Arizona Work and Save study committee. Legislation to implement such a program would empower more than 1.2 million private-sector workers to save for retirement through a strong and effective automatic enrollment payroll savings option. “The study committee will help us clarify how beneficial the Work and Save program will be for all involved, individuals, small business owners and the State of Arizona. I believe as more legislators see these benefits it will make it much easier to pass the full program in our next session,” said Senator Rick Gray.
To respond to the growing retirement savings crisis in Arizona, this study committee will examine various options, including looking at a private-public partnership to help workers who do not have access to workplace retirement savings plans, to save for retirement. Eighty-four percent of Arizonans across the political spectrum support such a program.
The pandemic has demonstrated just how vital it is to have access to savings. Studies have shown that automatic payroll deductions are the most effective way to save. When available, workers are 20 times more likely to save for retirement. However, over half of Arizona’s private-sector workers do not currently have access to workplace retirement savings plans.
Everyone benefits if businesses can offer their workers ways to save for the future. If action is not taken, there will be a considerable burden on the state and federal governments in the long term. State leaders must act now to help workers start saving.
“Part of ensuring that Arizonans are financially stable is guaranteeing they have an easy retirement savings option available to them,’ said Dana Marie Kennedy, AARP AZ State Director, which serves more than 890,000 members age 50 and older in Arizona. “We thank Senator Rick Gray for sponsoring the Bill and Governor Ducey for allowing this study committee. This study may allow all workers to have a sense of relief and security when it comes to retirement.”
Thursday, Jul 7, 2022 at 7:00 p.m. Eastern Time
Thursday, Jul 7, 2022 at 7:00 p.m. US Mountain Time
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