Jacobsen opposes a bill to create automatic enrollment individual retirement savings account program
Mar 5, 2024
Rep. Cyndy Jacobsen, R-Puyallup, speaks on the House floor to oppose a bill that would create more bureaucracy by requiring businesses to administer a state run retirement account for their employees. Jacobsen explains why this program is not the best idea for lower-income workers.
a good member from the 25th legislative
district representative Jacobson again
thank you Mr Speaker and again briefly
um I am opposed to this not because I
don't want people to save I do and
compound interest is about my favorite
thing in among among many Favorite
Things um but I don't think that a for
the people that are being enrolled in
this in and they do have an opt out but
they're they're going to automatically
be enrolled unless they opt out I don't
think this is necessarily the best
vehicle for them have a pre-tax vehicle
for someone in a super low income
bracket is not always the best idea I
mean we can encourage saving in other
ways and the the market provides that
you can go down to any bank and get
yourself a Roth irra or whatever vehicle
you'd like to save or just a savings
account so I think we're creating a b
bureaucracy sort of in search of a
problem when we do this so for that
reason I'm also a no thank
you