A package of retirement savings initiatives, including making multiple employer plans more accessible, was introduced Thursday in the Senate by Finance Committee Chairman Orrin Hatch, R-Utah, and ranking member Ron Wyden, D-Ore.
S. 2526, the Retirement Enhancement and Savings Act of 2018, mirrors a proposal introduced in the last Congress and approved by the Finance Committee. Congress adjourned before further action could be taken.
The bill is also aimed at increasing voluntary retirement savings by giving employers incentives to make it easier for their employees to save, and it would let people over 70 make tax-free contributions to their IRAs. It also would provide non-discrimination relief for closed defined benefit plans, and increase savings limits in automatic enrollment arrangements and promote lifetime income options for defined contribution plans.
Mr. Hatch said in a statement that the bill "creates workable, voluntary solutions to help workers better save for their future."
In the same statement, Mr. Wyden said the ideas "are key to addressing our country's savings crisis."