That’s false, but that doesn’t seem to concern House Republicans as they use a fast-track process to derail the states’ plans, siding with the financial industry over ordinary savers. First, under the plans, states establish the legal framework for deducting contributions from employees’ paychecks, but they do not run the plans. Second, state plans do not compete unfairly because mutual funds and other financial firms have not competed for the small-business market where employees without retirement coverage tend to work. If they had, tens of millions of Americans would not be without coverage, and the state plans probably wouldn’t be needed. One reason may be that, by law, state plans are transparent about their fees and operations.

Source: New York Times February 15, 2017 00:45 UTC