Senate Finance Ranking Member Ron Wyden (D-Ore.) and Committee Chairman Orrin Hatch (R-Utah) on Thursday introduced the Retirement Enhancement and Savings Act of 2018 (RESA), which aims to increase voluntary retirement savings and includes a provision to establish more flexible multiple employer plans.
“Working Americans are struggling to set money aside for retirement,” Wyden said. “This bipartisan bill gives employers incentives to make it easier for their employees to save. It also allows seniors over 70 to make tax-free contributions to their IRA. These types of provisions are key to addressing our country’s savings crisis.”
“This legislation creates workable, voluntary solutions to help workers better save for their future,” Hatch said. “Authorizing multiple employer plans would let smaller employers join together to sponsor one retirement plan for their workers, making it more feasible for businesses of all sizes to offer retirement plans and increasing access for millions of Americans wishing to save for retirement.”