U.S. Senators Todd Young (R-Ind.), Cory Booker (D-N.J.), Tom Cotton (R-Ark.), and Doug Jones (D-Ala.) announced they have introduced several bills to help boost retirement security for individuals and families during a time when many Americans are unprepared for retirement. According to the Department of Labor, more than 40 million people do not have access to any workplace retirement plan. Additionally, nearly half of households nearing retirement do not have a retirement savings plan. Senator Young introduced S. 1020, which would expand access to workplace retirement plans by giving small employers more flexibility when setting up 401Ks for their employees. The bill would also make it easier for savers to auto enroll into long-term savings plans and more quickly escalate their savings. Senator Booker introduced S. 1018, which would enable individuals to build emergency savings during tax time by allowing filers to save a portion of their tax refund for “rainy day” or long-term savings. Senator Cotton introduced S. 1011, which would eliminate the regulatory barriers that prevent small business owners from joining professionally managed pooled employer plans, lowering the administrative cost of offering a plan. Senator Jones introduced S. 1019, which would help workers set up short-term savings accounts to help with financial emergencies.
April 10th, 2019|Local News|