Actively Aging

Actively Aging

Friday, February 17, 2017

Congress Taking Aim at New Retirement Savings Programs

Over the past several years, states across the country have been working to create retirement savings plans for the 55 million American workers without access to one on the job.
Now those efforts are in jeopardy after recent action in Congress that could block such programs.
On Wednesday, the House of Representatives voted to scrap rules issued last year by the Department of Labor that paved the way for states and cities to set up retirement plans for private-sector workers without running afoul of federal pension laws. The House measure now goes to the Senate.
“These initiatives provide flexible, practical solutions to address an important retirement need in this country,”  said AARP Executive Vice President Nancy A. LeaMond.  “Many Americans who lack the opportunity to save at work are often women and minorities with limited access to other sources of income beyond Social Security in retirement.
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