04 Apr BPC Action Applauds Four Bills Aimed at Increasing Savings and Improving Retirement Security in Retirement and Social Security
BPC Action applauds the bipartisan introduction of four bills focused on increasing savings and improving retirement security for Americans across the country. These bills embody several recommendations from the Bipartisan Policy Center’s Commission on Retirement Security and Personal Savings. The package includes: S. 1018, S. 1019, and S.1020, co-sponsored by Sens. Cory Booker (D-NJ), Tom Cotton (R-AR), Doug Jones (D-AL), and Todd Young (R-IN), and S. 1011, co-sponsored by Sens. Tom Cotton (R-AR), Doug Jones (D-AL), and Todd Young (R-IN).
Over forty percent of working Americans expect to not have enough money in retirement, and more than a third of private-sector workers lack access to a workplace retirement plan. These bipartisan bills would make financial security in retirement more achievable for millions of Americans by:
- Expanding access to workplace retirement plans through enhanced pooled employer plans and reduced legal, financial, and administrative barriers for small businesses;
- Incorporating best practices, like automatic enrollment and automatic escalation, into more workplace retirement plans;
- Facilitating workers’ use of emergency savings accounts to reduce early withdrawals from retirement accounts; and
- Making it easier for taxpayers to put away a portion of their tax refund for a rainy-day or for long-term needs.
BPC Action commends these senators for the introduction of these important bills that would help to ensure financial stability for generations of Americans.