"The [DOL's] 2016 guidance does nothing more than clarify that state legislation providing for payroll deduction into an IRA is not an employer retirement plan. The employer has no involvement beyond transmitting payroll deductions to the IRA negotiated by the state with a private vendor.... These voluntary payroll-deduction IRAs plans are aimed at providing retirement income to employees of small employers who do not offer plans. They are modest plans, subject to the low $5,500 IRA limits, and will not compete with existing defined benefit plans or 401(k) plans (which have higher contribution limits)."  MORE >>