New legislation working its way through Congress includes a provision that would automatically enroll eligible employees into their company's retirement plan.
New legislation working its way through Congress could improve retirement security for U.S. workers. The plan is part of a government spending bill, and it includes a provision that would automatically enroll eligible employees into their company's retirement plan.
And it would provide tax incentives for small businesses — the vast majority of firms in the U.S. — to begin offering 401 plans by increasing the tax write-offs available to those businesses for offering access to a retirement plan. Meanwhile, an AARP survey this year found that nearly half of all workers in the U.S. do not have access to a retirement plan at work in the first place. That equates to roughly 57 million private sector workers between ages 18 and 64.
The legislation would also improve the lot of the 84% of American adults who say student loan payments have limited their ability to save for retirement, according to a 2019 study by the Massachusetts Institute of Technology's AgeLab and the financial services organization TIAA. Under the new legislation, employers could consider a worker's student loan payment to be the equivalent of a 401 contribution and match it accordingly.
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