With the springtime thaw, a flood of retirement bills has hit Congress, including a bipartisan Senate package to encourage retirement savings and bicameral Democratic legislation to create federally administered employee savings accounts with mandatory employer contributions.
Introduced by Sens. Todd Young, R-IN, Cory Booker, D-NJ, Tom Cotton, R-AR, and Doug Jones, D-AL, the Senate package revives earlier proposals to boost savings in a number of ways.
In a separate legislative push, Senate and House Democrats teamed up to introduce the Saving for the Future Act (S 1053). Sponsored by Sens. Chris Coons, D-DE, and Amy Klobuchar, D-MN, and Reps. Scott Peters, D-CA, Lucy McBath, D-GA, and Lisa Blunt Rochester, D-DE, the bill would create universal individual accounts financed in part by mandatory employer contributions. An official summary includes these key features:
Legislation to allow open MEPs stands a good chance of enactment this year as part of separate legislation (HR 1994, the Setting Every Community Up for Retirement Enhancement Act) recently approved by a key House committee. While Democrats’ bid for universal accounts faces an uphill climb, the other bipartisan proposals could become part of broader retirement reforms being developed by leading House and Senate legislators. Reintroduction of these bills underscores the broad bipartisan support in Congress for addressing retirement security issues.