My daughter works at the local pizzeria. I can’t imagine they would offer a retirement plan until New York requires them to do so when the state IRA program goes into effect.

Again, I’m a big fan of the state mandate, it increases retirement plan coverage and a recent survey by Gusto (using data from the Colorado and Oregon state programs) shows that the lower-paid employees, would benefit.

Low-income workers are benefiting the most from these mandates, as rates of 401(k) enrollment have nearly doubled across low-income workers subject to the mandate. For Colorado workers making less than $15,000 per year, the share enrolled in a 401(k) plan rose to 16.4% from 8.7% between July 2022 and July 2023, and among workers making between $15,000 and $25,000 per year, the share rose to 18.7% from 9.8% over the same time period.