She cautioned that limiting pre-retirement withdrawals could be a mistake since it is the only pool of savings many low-income families have access to.
The ACLI executive added there could be other restrictions in Department of Labor rules protecting state programs from federal enforcement actions and private lawsuits that could prevent the programs from becoming widespread.
Two of the DOL requirements she mentioned are ones that require states to insure the savings and ensure the plans are mandated for small employers.
She added that costs in administering the plans could be a deal breaker as well
Dent estimated the bill for Secure Choice will be between $75 million and $130 million, while costs of the Connecticut Retirement Security Program enacted in June could start at $45 million.