Members of the House Democratic Caucus are calling on President Barack Obama to require auto enrollment of government contractor employees into retirement plans.
In a letter sent Friday, the 65 members called for Mr. Obama to issue an executive order requiring federal contractors to automatically enroll full- or part-time workers in their company's traditional pension or 401(k) plans, with immediate vesting. Employers that do not offer plans could use the federal MyRA program, the members said in the letter.
“We need to address the retirement security crisis in America, and we can start at work,” said Rep. Joe Crowley D-N.Y., caucus vice chairman, who in April unveiled a plan to expand access to employer-based retirement plans and encourage personal savings. “Using his pen, President Obama can take an important step forward.”