Obama seeks to steer more workers into retirement plans

The U.S. Department of Labor will develop rules to help states steer more workers into retirement plans, President Obama said on Monday. The federal government will aid states as they create legislation requiring some employers to offer a retirement savings plan or automatically enroll workers in an individual retirement account, he said at a White House conference on aging policies. The proposal builds on the "myRA" savings account Obama suggested in 2014 to provide workers with additional options to fund retirement.

"We've got to make it easier for people to save for retirement," Obama said. "The good news is states are stepping up, just like they're stepping up in other areas Congress is not doing its work."