Hatch, Wyden Introduce Legislation to Increase Access to Retirement Savings

WASHINGTON – Senate Finance Committee Chairman Orrin Hatch (R-Utah) and Ranking Member Ron Wyden (D-Ore.) today introduced S. 2526, the Retirement Enhancement and Savings Act of 2018 (RESA). The bill aims to increase voluntary retirement savings and includes a provision to establish more flexible multiple employer plans.

“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.”

“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.”

The bill’s introduction follows Majority Leader McConnell’s announcement that Hatch will co-chair a bipartisan, bicameral Joint Select Committee on the Solvency of Multiemployer Pension Plans.

A section-by-section of RESA can be found here.

RESA bill text can be found here.

Background:

• Hatch and Wyden introduced the Retirement Enhancement and Savings Act of 2016, which unanimously advanced out of the Finance Committee in 2016.

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