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Rosapepe co-sponsors retirement plan expansion bill

District 21 state Sen. Jim Rosapepe is co-sponsoring a bill that would expand retirement security to private-sector workers without employer-sponsored plans.

The Maryland Secure Choice Retirement Savings program, introduced by Rosapepe and fellow Democrats state Sen. Richard Madaleno and Del. Tom Hucker, would create a state-sponsored, non-profit retirement plan available to private-sector employees.

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It would also require Maryland private sector employers who don't currently offer retirement plans to give employees the option of creating an employee-funded retirement plan.

Gov. Martin O'Malley testified in support of the legislation at a Senate Pensions Subcommittee hearing on Feb. 20.

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"Today, half of private sector working people have no retirement plans beyond Social Security," Rosapepe said in a statement. "Unless we reform our pension system, expanding access, this generation of working people will retire poorer than their parents. And the taxpayer will be left to pick up the bill. That will be a fiscal, economic and social disaster."

The bill also has the support of the SEIU, AARP and Maryland Business, a small business advocacy organization.

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