Sens. Bob Graham, D-Fla., and Charles E. Grassley, R-Iowa, are expected to introduce a broad-based bipartisan pension bill next week. The bill will be designed to help small businesses set up retirement plans, make it easier for workers to take retirement savings with them when they switch jobs, and ensure women get their fair share of pensions.
The bill also aims to ensure working Americans receive their pensions when they reach old age and eliminate tedious paperwork requirements for employers. Among its provisions, the legislation would give temporary and leased workers an opportunity to participate in retirement plans; give small businesses tax credits to ease the administrative costs of setting up new retirement plans; and let job hoppers switch between 401(k) plans, individual retirement plans, 403(b) and 457 plans.
