The Treasury Department is discontinuing the Obama administration’s retirement savings program that aimed to help workers save for retirement if they didn’t have access to a workplace account.
The announcement comes after a recent push by Democratic lawmakers, including Sens. Patty Murray (Wash.) and Ron Wyden (Ore.), urging Treasury to continue the program. They cited the recent scrapping of the Labor Department’s rules giving safe-harbor protections to state- and city-run retirement savings programs for private sector workers who lack a work-sponsored retirement plan. Earlier this year, Congress passed—and President Donald Trump signed into law—resolutions to nullify the state program ...