Regarding the editorial, "Retirement panel gets snubbed" (Jan. 2), -- I want to thank The Sun for highlighting this important issue.
Half of working Marylanders, at least 1 million people, don't have access to a retirement savings plan through their employer. Working families need a convenient and simple way to save for retirement.
The average Social Security-earned benefit payment in Maryland is $1,400 a month, and it accounts for 90 percent of the total monthly income for one of five current recipients.
As a candidate, Gov.-elect Larry Hogan promised to govern through fiscal responsibility, focusing on "jobs, middle class and restoring Maryland's economy." Providing convenient access to retirement savings opportunities fits squarely within those aspirations.
Employment benefits such as availability of a retirement account attract and help to retain quality employees, and enable workers to climb into or remain in the middle class, and we know that the more savings a retiree has, the lower the demand for government financed assistance or subsidies.
A major concern among older Marylanders is the fear of outliving one's finances. AARP Maryland and our allies, including Frederick based Maryland Small Business, plan to introduce the Secure Choice Retirement Savings Plan Act in the 2015 legislative session. The proposal will provide employees of small businesses a chance to save for retirement. It is based on the successful College Savings Plan model that has helped many Marylanders send their kids to college. Many Marylanders look forward to retirement but may lack the resources to make the best of those years.
The General Assembly and our incoming governor should embrace the prospect of strengthening Maryland's economy by providing access to retirement savings plans for all individuals.
Hank Greenberg, Baltimore
The writer is AARP's Maryland state director.