New voluntary retirement savings program proposed — Business Management Daily: Free Reports on Human Resources, Employment Law, Office Management, Office Communication, Office Technology and Small Business Tax Business Management Daily

New voluntary retirement savings program proposed

by on
in Compensation and Benefits,Human Resources

Sen. Tom Harkin, D–Iowa, has introduced legislation to create a new government-backed private pension system allowing employees to put away up to 6% of pay each year.

Employees who don’t have access to an employer-sponsored retirement benefit plan would be automatically enrolled in the “USA Retirement Funds” program. Workers could opt out if they don’t want to participate.They would contribute via payroll deductions. Em­ployers would not have to contribute to the funds.

Leave a Comment