Bipartisan Senators Introduce Suite of Bills to Help Americans Save for Retirement
WASHINGTON – 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.
“In order to improve retirement security, we must start by reforming and improving access to retirement plans,” said Senator Young. “This legislation will help ensure families have the necessary tools to save for the days ahead.”
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.
“Every American deserves to retire with dignity and financial security. However, this is not the reality for millions of Americans,” said Senator Booker. “The rising cost of living makes it nearly impossible for hard-working Americans to withstand even small emergency expenses—let alone save for their retirement. These bipartisan bills address pressing economic challenges and provide tangible solutions for working families.”
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.
“This legislation will help lighten the burden Arkansas small businesses face in offering retirement plans to their employees,” said Senator Cotton. “Making these few simple changes could make a big difference for Arkansas workers and help them retire with financial security and peace of mind.”
Senator Jones introduced S. 1019, which would help workers set up short-term savings accounts to help with financial emergencies.
“Today, for far too many American families, a lifetime of hard work does not translate into a comfortable retirement. It’s past time that Congress address the retirement system to make it easier for workers to plan for their futures, while understanding that families today face rising costs for things like health care and education. These bipartisan bills show a commitment to making the system work better for hard-working families, ensuring they are able to adjust to today’s challenges without sacrificing economy security in their later years,” said Senator Jones.
Last Congress, Senators Young, Booker and Cotton introduced similar legislation. Click here to learn more.