A package of retirement savings
initiatives, including making multiple employer plans more accessible, was
introduced Thursday in the Senate by Finance Committee Chairman Orrin Hatch,
R-Utah, and ranking member Ron Wyden, D-Ore.
S. 2526, the Retirement
Enhancement and Savings Act of 2018, mirrors a proposal introduced in the last
Congress and approved by the Finance Committee. Congress adjourned before
further action could be taken.
The bill is also aimed at
increasing voluntary retirement savings by giving employers incentives to make
it easier for their employees to save, and it would let people over 70 make
tax-free contributions to their IRAs. It also would provide non-discrimination
relief for closed defined benefit plans, and increase savings limits in
automatic enrollment arrangements and promote lifetime income options for
defined contribution plans.
Mr. Hatch said in a statement
that the bill "creates workable, voluntary solutions to help workers
better save for their future."
In the same statement, Mr.
Wyden said the ideas "are key to addressing our country's savings
crisis."
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