WH Unveils ObamaSave: Employer Mandate, Mandatory Enrollment, State-Run Marketplaces

Tuesday, the White House unveiled a plan to overhaul retirement savings that is eerily similar to ObamaCare in at least three fundamental ways.

Introduced as a “Fact Sheet” on WhiteHouse.gov, Pres. Obama’s plan to revamp retirement savings mimics his controversial healthcare law:

– Individual participation is required, not optional,
– There’s an employer mandate,
– State-run marketplaces are created

The employer mandate would require employers to “automatically enroll their workers in an IRA” – with, or without, their consent – making employee participation compulsory…

And, despite the failures of ObamaCare’s state-run health care exchanges, the president’s savings plan looks to create similar state-run “retirement marketplaces” for savings plans…

And, like ObamaCare, “ObamaSave” is promoted as a plan to increase “access”:

“Expanding Access to Workplace Retirement Accounts:

“Access to workplace retirement savings plans is key to workers’ future economic security. Today, one out of three workers does not have access to a retirement savings plan, including half of workers at firms with fewer than 50 employees and more than three-quarters of part-time workers.

More From MRC TV: