Buchanan Bill Helps Americans Save for Retirement
Bill Helps Small Businesses Offer Retirement Benefits
WASHINGTON — Congressman Vern Buchanan today introduced bipartisan legislation to make it easier for small businesses to offer retirement benefits to employees.
Buchanan’s Retirement Security for American Workers Act makes it less costly for small businesses to set up retirement plans. As many as 76 million people work for companies that don’t offer retirement benefits, according to the Employee Benefits Research Institute.
“Too many hardworking Americans enter retirement without enough savings,” Buchanan said. “We should be doing all we can to help people prepare for their golden years and invest in their future.”
Buchanan’s bill is co-sponsored by Rep. Rich Neal, D-Mass., the top Democrat on the House Ways and Means Committee, as well as Reps. Ron Kind, D-Wisc. and Jim Renacci, R-Ohio.
Specifically, the Retirement Security for American Workers Act lets businesses join together in “multiple employer plans” (MEPs) to share the administrative burden and costs of offering a retirement plan.
One-third of Americans report they have no retirement savings, according to TIME. Millions of American employees stand to benefit from expanding the availability of workplace retirement plans. According to AARP, workers are 15 times more likely to save when they have access to a retirement plan.
“It’s clear that people need better access to retirement savings,” Buchanan said. “Congress should approve this bipartisan legislation so retirees can be more financially stable.”
Buchanan previously introduced a version of the bill in December 2016.