News | 04.05.19
Coons and Klobuchar Pitch Retirement Savings Mandate Plan
Democratic Sens. Amy Klobuchar of Minnesota and Chris Coons of Delaware have introduced a measure that would set up a portable retirement account for employees of small businesses modeled on the federal workforce's Thrift Savings Plan. The Saving for the Future Act would require employers with 10 or more workers to contribute at least 50 cents for each hour worked to a retirement savings vehicle of some sort. That could include employer-based contributions to existing 401(k) plans. The smallest employers would be exempt, but they could still take part and benefit from tax credits. For employers with fewer than 100 employees, their contributions could flow to the new savings and retirement product called the UP-Savings account.
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