Md. Task Force: 1M Residents Have Little Retirement Savings
ANNAPOLIS, Md. (AP) -- A Maryland task force says 1 million Maryland residents have no work-based retirement savings plan. The task force is releasing a report Tuesday. It says 1 million state residents have virtually no retirement savings at all.
The task force is chaired by former Lt. Gov. Kathleen Kennedy Townsend. It includes representatives of retirees, employers, financial firms, labor and government.
The panel says other states are working to expand options for private-sector employees to offer retirement savings plans to their employees, and it's recommending Maryland also take action.
The report's release comes as lawmakers will be holding a hearing Tuesday on a measure to make retirement plans available to private-sector workers who are not currently covered by employer-sponsored plans.
The task force was established by then-Gov. Martin O'Malley last May.
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