Wyden, Hatch Introduce Legislation to Increase Access to Retirement Savings

Statement

Senate Finance Ranking Member Ron Wyden (D-Ore.) and Committee Chairman Orrin Hatch (R-Utah) today introduced the Retirement Enhancement and Savings Act of 2018 (RESA), which aims to increase voluntary retirement savings and includes a provision to establish more flexible multiple employer plans.

"Working Americans are struggling to set money aside for retirement," Wyden said. "This bipartisan bill gives employers incentives to make it easier for their employees to save. It also allows seniors over 70 to make tax-free contributions to their IRA. These types of provisions are key to addressing our country's savings crisis."

"This legislation creates workable, voluntary solutions to help workers better save for their future," Hatch said. "Authorizing multiple employer plans would let smaller employers join together to sponsor one retirement plan for their workers, making it more feasible for businesses of all sizes to offer retirement plans and increasing access for millions of Americans wishing to save for retirement."

A section-by-section of RESA -- which has been endorsed by AARP -- can be found here.

RESA bill text can be found here.

Background:

Wyden and Hatch introduced the Retirement Enhancement and Savings Act of 2016, which unanimously advanced out of the Finance Committee in 2016.

Source