ST. PAUL, Minn. — The state government may struggle to balance a budget and fix insolvent pension accounts, but that isn’t stopping it from thinking about hawking a state-run retirement savings account.
Potential customers should know the real sales pitch is coming from the American Association of Retired Persons, a national advocacy group with 650,000 members in Minnesota alone. The Service Employees International Union supports the plan, too.
“Our concern is that tomorrow’s seniors will be more reliant on Social Security, which will not provide enough for a comfortable retirement,” said Seth Boffeli, communications director for AARP Minnesota. “We need to give people more ways to save, and expanding access to workplace savings plans is a great place to start.”