Paper Statements, More Options for Part-Time Workers Vital to Retirement Bills, AARP Tells Congress
By Andrew Soergel, June 23, 2022 10:02 AM
We’re urging lawmakers to advance legislation that would make saving for retirement easier and more streamlined — and to give Americans more opportunities to age independently. In a Wednesday letter to members of the Senate Committee on Finance, we pushed for a package that will:
- Shorten the window part-time workers must wait to enroll in employers’ retirement savings plans from three years to two.
- Make the Saver’s Credit — a tax credit for low- and middle-income households — refundable up to $1,000. The credit is not currently refundable.
- Require employers with more than 10 employees to automatically enroll workers in retirement savings plans.
- Require that retirement plan recipients receive a paper copy of their annual benefits statement, so workers and their families have a better sense of where they stand financially.
Lawmakers are currently considering several retirement bills, including the Retirement Improvement and Savings Enhancement to Supplement Healthy Investments for the Nest Egg (RISE & SHINE) Act and the Enhancing American Retirement Now Act. These Senate bills are counterpart to a larger AARP-backed retirement package called the Securing a Strong Retirement Act of 2022, which was passed by the House with bipartisan support in March but has not yet been passed by the Senate. AARP was recognized for our work on these issues in a recent Senate Finance Committee hearing.
Read our letter, and learn more about planning for retirement.
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