Lawmakers see momentum for bills promoting workplace retirement plans
As lawmakers work to put the finishing touches on legislation that would give employers new flexibility in their retirement plans, members of the Senate are looking ahead to new bills to further encourage workplace savings.
Members of the Senate Finance Committee say they are hopeful about getting some version of the Retirement Enhancement and Savings Act to the president’s desk this year. If the measure became law, businesses in varied industries could band together in multi-employer plans and would enjoy relief from some of the administrative and legal liabilities those plans entail.
“Its centerpiece expansion of open MEPs and other common sense changes would make it more feasible for businesses of all sizes to offer retirement plans by harnessing economies of scale and reducing unnecessary burdens on employers,” Chuck Grassley (R-Iowa), the bill’s sponsor and chair of the Finance Committee, said this week at a hearing on the issue.
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