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

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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.

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