Also, she said the DOL will finalize rules by the end of the year to allow local governments to mandate auto IRAs for private employers.
She said the department does not want to see a proliferation of state and local plans, but if and until Congress enacts a national program, these can help fill in access and coverage gaps.
Both she and Treasury Department employee benefits policy chief Mark Iwry said a national program would be preferable because the federal government can provide consumer protections state and local governments can’t.