A bill that would have established the Small Business Retirement Marketplace Act would have provided small business employees with access to retirement plans. Due to costs and the revenue shortfall the bill was tabled for a year.
AARP Advocacy Director Mark Intermill is now encouraging the committee to authorize a study of retirement savings options and consider the appropriate role that state government can play. He says too many retired Nebraskans struggle to make ends meet.
Intermill says, “We’ve been just been recently looking at the issue of poverty among older people in Nebraska and we identified at least eleven legislative districts where at least 2,000 people who are both over 65 and have incomes below 200% of poverty. We see the savings rate or the number of people participating in retirement savings programs is declining. We would just like to see something that would reverse as what we see as a troubling trend away from preparing for retirement.”
According to the National Institute on Retirement Security, just 48-percent of private sector employees in Nebraska were enrolled in a retirement plan in 2012, a decline from 55-percent in 2000.