More than 6 in 10 (63%) Americans would support a program offering government-matched retirement contributions to lower-income working Americans, according to a survey released Tuesday by the Economic Innovation Group, a bipartisan public policy organization.
The EIG unveiled a plan in March co-authored by Kevin Hassett, vice president and managing director of The Lindsey Group and former chairman of the White House Council of Economic Advisers during the Trump administration; and Teresa Ghilarducci, director of the Schwartz Center for Economic Policy Analysis at The New School, that would expand access to retirement savings through a program for lower-income working Americans modeled after the Thrift Savings Plan, including government-matched retirement contributions.
The $757.8 billion Thrift Savings Plan is the retirement system for 6.3 million federal employees and members of the uniformed services.
Much like the TSP, the EIG proposal features automatic enrollment for eligible workers, low fees, simple plan options, and federal matching contributions to reward and encourage savings. Under the EIG plan, the federal government would match contributions only for workers who make below a median income line and whose employers do not currently offer a retirement matching program, up to a limit of 5% of a person's annual earnings.