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Save for retirement or go to your room

 Maryland residents who fail to save for their own retirements are like drivers who speed or children who won’t do what you tell them to do, according to former Lt. Gov. Kathleen Kennedy Townsend.

Kennedy Townsend, who leads a task force studying the problem of retirement savings for private sector employees, made the comparison during a hearing in Annapolis.

The group is looking at the possibility of recommending the creation of a mandated retirement program where nongovernment employers would be required to offer a retirement plan or enroll employees into a state managed plan. Employees would be automatically enrolled and as much as 6 percent of their pay deducted for retirement (under one proposal) in a defined benefit plan unless the employee opted out.

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