Legislation creating universal retirement accounts for American workers was introduced Wednesday by Rep. Joe Crowley, D-N.Y.
The proposed SAVE UP — Secure, Accessible, Valuable, Efficient Universal Pension accounts — legislation calls for employers with 10 or more employees that do not offer retirement plans to open individualized retirement accounts for employees and contribute 50 cents per hour worked per employee. Employers with qualified retirement plans in place can keep contributing to those plans.
Mr. Crowley, vice chairman of the Democratic Caucus, said in a statement that “every American should be able to retire with peace of mind.”
