However, only 10 states have enacted legislation to establish state mandated retirement plans so far: California.
Moreover, is it mandatory to have a retirement plan?
The Employee Retirement Income Security Act of 1974, or ERISA, protects the assets of millions of Americans so that funds placed in retirement plans during their working lives will be there when they retire. … ERISA does not require any employer to establish a retirement plan.
In this regard, what is state sponsored retirement plan? A retirement savings account, also known as a security, guaranteed or voluntary savings account, is a state government sponsored savings plan that permits residents of a state other than public-sector employees to participate in tax-deferred savings accounts sponsored by a state government.
Then, what is the mandatory retirement age in the Philippines?
60 years old