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Your Next Retirement Plan Could Be Run by City Hall

The Obama administration says some municipalities can help you build a nest egg.
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Photographer: David Paul Morris/Bloomberg via Getty Images

More than a third of full-time private-sector workers in the U.S. don’t have a way to save for retirement on the job. On Tuesday, the Department of Labor offered a new way to fill that gap: Let cities and counties get involved.

new rule would clear regulatory barriers that might otherwise stop large municipalities such as New York from setting up plans for all workers—not just those who work for local government. Officials in the Big Apple, as well as in Seattle and Philadelphia, have already expressed interest.