Retirement access still broken
A former DOL regulator says America’s retirement system still fails millions because plan access is uneven — especially for small‑business employees and gig workers — creating a persistent coverage gap. That structural weakness opens sales and education opportunities for group solutions and IRA outreach. (wealthmanagement.com)
Lisa M. Gomez served as Assistant Secretary for the Employee Benefits Security Administration at the U.S. Department of Labor from October 11, 2022, through January 20, 2025. (aicpaconferences.com) Georgetown University’s Center for Retirement Initiatives reports roughly 59 million private‑sector workers—about 47% of the workforce over age 18—lack access to employer‑sponsored retirement plans. (cri.georgetown.edu) Georgetown’s analysis finds the coverage shortfall is concentrated: 63% of employees at firms with fewer than 50 workers lack workplace retirement access, compared with 34% at larger firms. (plansponsor.com) The CRI also counts an additional 23.4 million gig‑economy workers with no workplace retirement option, highlighting a separate population outside traditional plan coverage. (cri.georgetown.edu) State‑facilitated programs have scaled quickly: as of February 28, 2026, auto‑IRA and state programs report roughly $2.96 billion in assets and more than 1.2 million funded saver accounts, with 17 of 20 enacted state programs open to eligible employers and workers. (cri.georgetown.edu) Federal and legislative activity is moving in parallel: senators introduced proposals in 2025 to expand defined‑contribution access for independent and gig workers, while the DOL’s expanded Retirement Security Rule broadened the fiduciary standard for retirement advice. (plansponsor.com) Market responses reflect those gaps: fintech firm Pontera named Lisa M. Gomez a strategic adviser in mid‑2025 as part of efforts to give advisors compliant access to clients’ held‑away workplace retirement accounts. (prnewswire.com)
