Two lawmakers recently reintroduced legislation designed to bolster retirement security for individuals and families.
U.S. Sen. Todd Young (R-IN) reintroduced the Commission on Retirement Security Act, which would create a federal retirement commission responsible for reviewing private retirement benefit programs and submitting a report to Congress on improving private retirement security in the United States.
Additionally, Young presented the Retirement Security Flexibility Act to expand access to workplace retirement plans by giving employers more flexibility when setting up 401(k) plans for their employees.
“These bills include our Retirement Security Flexibility Act to improve access to retirement plans and protect against burdensome regulatory requirements, as well as our Federal Retirement Commission Act to bring together experts to advise Congress on the best solutions for retirement security,” Young said.
U.S. Sen. Cory Booker (D-NJ) reintroduced the Refund to Rainy Day Savings Act, enabling individuals to build emergency savings during tax season by allowing filers to save a portion of their tax refund for long-term savings and the Strengthening Financial Security Through Short-Term Savings Accounts Act, to aid workers in establishing short-term savings accounts to help with financial emergencies.
“With the pandemic forcing many families to dip into their hard-earned savings, including retirement funds, to cover unexpected costs related to challenges like healthcare costs, remote learning, and job loss, it’s essential that we provide workers with the tools they need to build savings,” Booker said. “These bipartisan bills will help boost savings, getting workers back on a track to financial stability and a financially secure retirement.”