The $403.9 billion Thrift Savings Plan, Washington, should be open to non-governmental employees who do not have access to workplace retirement savings, Sen. Marco Rubio, R-Fla., proposed Tuesday.
Speaking at the National Press Club in Washington, Mr. Rubio proposed several other steps for increasing retirement security, including eliminating the Social Security tax for people still working at retirement age and their employers, and ending the retirement earnings test for Social Security recipients who keep working.
Expanding workplace-based retirement savings by opening up the TSP will help defray some of the anticipated stress on the Social Security program. “This is a cost that we are going to absorb one way or the other,” Mr. Rubio said.
Mr. Rubio also called for reforms to Social Security to avoid the program's insolvency, including gradually raising the retirement age and reducing the rate of growth in benefits for higher-income seniors. “If we don't make these choices now,” Mr. Rubio said, programs like Social Security “won't exist.”