Americans who have not saved enough for retirement would be able to put aside more money under legislation introduced last month by Sens. Ben Cardin (D-MD) and Rob Portman (R-OH).
The Retirement Security & Savings Act (S. 1770) also would help small businesses offer 401(k)s and other retirement plans. The bill spells out 50 provisions aimed at those and other goals.
“Real progress has been achieved in strengthening overall retirement savings since the senators’ first landmark legislation 20 years ago; however, significant challenges in our private sector retirement system remain,” according to Portman.
For starters, according to the senator, baby boomers have not set aside enough for retirement, many do not have access to employer-sponsored retirement plans, and many lower-income Americans have no retirement savings at all. For some, retirement security took a hit during the pandemic recession, he added.
“Through the Saver’s Credit and other provisions, this bill focuses on expanding access to retirement plans for low-income Americans and helping those who already have them save more for their retirement,” Portman said.
In addition to bipartisan support in the Senate, the bill has received support from AARP, Finseca, the American Council of Life Insurers, the National Association of Insurance and Financial Advisors, the National Association for Fixed Annuities and other groups.