Congress is working on major legislation that could result in a $3.5 trillion spending bill. Many House Committees are tasked to write different parts of the massive legislation. As part of that process, on September 10, 2021, the House Ways and Means Committee passed a $47 billion retirement savings bill.
The goal of the bill is to increase retirement savings - especially for low-income individuals. Government data indicates that one third of workers in the private sector currently do not have access to a retirement plan. Workers without access to retirement plans are those who are also most likely to be earning low wages in service industries who need assistance saving for retirement.
The new bill requires businesses that have been in existence for at least two years and have more than five employees to offer a workplace retirement plan.
For at least 15 years, Committee Chair Richard Neal (D-MA) has been proposing a provision requiring companies to create retirement plans. In...More