Top 10 hottest trends in the IBD industry
New Jersey is the most recent state to pass legislation that would help private-sector workers save for retirement.
Last year, Oregon and Illinois approved measures to establish state-run retirement-savings programs. New Jersey and the state of Washington passed bills to set up a marketplace where small businesses could shop for plans.
"Many workers across the country are not saving enough for a secure retirement," Labor Secretary Thomas Perez said in a Nov. 16 statement.
But the Financial Services Institute, a trade association for independent broker-dealers and financial advisers, worries that government will crowd out private-sector advice.