by: Vern Buchanan (R-FL, 16th)
Washington, D.C. - March 28, 2019 - (The Ponder News) -- Congressmen Vern Buchanan (R-Fla.) and Ron Kind (D-Wis.) has reintroduced their bipartisan legislation to help Americans save for retirement.
“Unfortunately, too many hardworking Americans enter retirement without adequate savings,” Buchanan said. “It is imperative we provide as many resources as possible to help folks prepare for their golden years and invest in their future.”
According to USA Today, the average American has less than $4,000 in savings while nearly 60 percent of adults have less than $1,000 to their names.
The Retirement Security for American Workers Act would make it easier and less costly for small businesses to set up and offer retirement benefits to employees. Specifically, the legislation allows businesses join together in “multiple employer plans” (MEPs) to share the administrative burden and costs of offering a retirement plan.
Incredibly, up to 35 percent of private-sector workers over the age of 22 work for a company that doesn’t offer a retirement plan, while over 40 percent of millennials didn't have access to an employer-sponsored retirement plan, according to the Pew Charitable Trusts.
Millions of American employees stand to benefit from expanding the availability of workplace retirement plans. In fact, the AARP has found that workers are 15 times more likely to save when they have access to a retirement plan.
“The American people need improved access to retirement savings,” Buchanan continued. “Congress should approve this bipartisan legislation and help retirees reach a stronger state of financial stability.”
Buchanan represents over 220,000 Social Security recipients in the nation’s eighth-oldest congressional district.
Buchanan and Kind previously introduced the bill in the 114th and 115th Congresses.
Washington, D.C. - March 28, 2019 - (The Ponder News) -- Congressmen Vern Buchanan (R-Fla.) and Ron Kind (D-Wis.) has reintroduced their bipartisan legislation to help Americans save for retirement.
“Unfortunately, too many hardworking Americans enter retirement without adequate savings,” Buchanan said. “It is imperative we provide as many resources as possible to help folks prepare for their golden years and invest in their future.”
According to USA Today, the average American has less than $4,000 in savings while nearly 60 percent of adults have less than $1,000 to their names.
The Retirement Security for American Workers Act would make it easier and less costly for small businesses to set up and offer retirement benefits to employees. Specifically, the legislation allows businesses join together in “multiple employer plans” (MEPs) to share the administrative burden and costs of offering a retirement plan.
Incredibly, up to 35 percent of private-sector workers over the age of 22 work for a company that doesn’t offer a retirement plan, while over 40 percent of millennials didn't have access to an employer-sponsored retirement plan, according to the Pew Charitable Trusts.
Millions of American employees stand to benefit from expanding the availability of workplace retirement plans. In fact, the AARP has found that workers are 15 times more likely to save when they have access to a retirement plan.
“The American people need improved access to retirement savings,” Buchanan continued. “Congress should approve this bipartisan legislation and help retirees reach a stronger state of financial stability.”
Buchanan represents over 220,000 Social Security recipients in the nation’s eighth-oldest congressional district.
Buchanan and Kind previously introduced the bill in the 114th and 115th Congresses.
No comments:
Post a Comment