The House counterpart to a Senate package of retirement savings initiatives was introduced late Wednesday by Rep. Ron Kind, D-Wis., and Mike Kelly, R-Pa.
Among other provisions, the proposed Retirement Enhancement and Savings Act of 2018 would make it easier for smaller employers to join open multiple employer plans, and reduces Pension Benefit Guaranty Corp. premiums paid by cooperatives and small charity plan sponsors.
"For far too long, affordable retirement savings has only been available to workers employed by big businesses. The Retirement Enhancement and Savings Act takes a number of steps to improve retirement security for working Americans across the board — from employees of small businesses to rural electric cooperatives. I commend the Senate for their hard work on this package," Mr. Kind said in a statement.
RESA was introduced March 8 in the Senate by Finance Committee Chairman Orrin Hatch, R-Utah, and ranking member Ron Wyden, D-Ore. The bipartisan package mirrors a proposal introduced in the last Congress and approved unanimously by the Finance Committee. Senate approval could come within a matter of days, backers say.
Hazel Bradford is a reporter for InvestmentNews' sister publication Pensions&Investments.