IRI officials said the measure, introduced by Rep. Richard Neal (D-MA), includes ideas which would help Americans save for retirement by expanding coverage, increasing retirement savings and preserving income.
“Many Americans today are not saving enough for retirement because they do not have access to a workplace retirement plan,” Cathy Weatherford, IRI president and CEO, said. “Rep. Neal’s Automatic Retirement Plan Act of 2017 offers a common-sense private sector solution for Americans to save more for their retirement by expanding access for workers who choose to participate in a workplace plan while preserving employer choice, competition, and protections for small businesses.”
The IRI said many of the measures contained in the bill, including opening Multiple Employer Plans (MEPs) for use by more small businesses, expanding automatic savings and escalation features, and increasing default contribution and automatic escalation rates for savings, are all proposals the organization has long-supported.
“We were pleased to see them (measures) included in this bill, as they were included in our 2017 Retirement Security Blueprint, published earlier this year,” Weatherford said.
“IRI commends Rep. Neal’s continued focus on promoting and enhancing our nation’s retirement security and is pleased to support the enactment of this legislation.”