Ron Wyden, D-Ore., the ranking member of the Senate Finance Committee, and six other Democratic senators have introduced legislation that would enhance the incentives to save for retirement.
The bill, the Encouraging Americans to Save Act, would restructure the existing, nonrefundable saver’s credit into a refundable, government matching contribution of up to $1,000 a year for middle- and moderate-income workers who save through 401(k)-type plans or individual retirement accounts.
The legislation also includes a Covid-19 recovery bonus credit that provides up to $5,000 in additional government matching contributions for the first $10,000 saved during a five-year period beginning in 2022.
The bill is cosponsored by Sens. Michael F. Bennet, D-Colo.; Bob Casey, D-Pa.; Dick Durbin, D-Ill.; Amy Klobuchar, D-Minn.; Bob Menendez, D-N.J.; and Patty Murray, D-Wash.
According to the National Institute on Retirement Security, more than 100 million working-age Americans do not have coverage through a company plan or own any retirement assets, whether that's in an IRA or in a 401(k) or other defined-contribution plan.
The legislation also would enhance the saver’s credit by making the full 50% credit rate available to couples earning up to $65,000 per year ($32,500 for single taxpayers) and would require that the credit be directly contributed into the saver’s retirement plan or IRA, Senator’s Wyden’s office said in a release.
Wealth Consulting Group, Coastline and Maridea report fresh capital, acquisitions and asset growth as advisor M&A keeps climbing
Carson Group's Dani Fava, Jason Pereira of Woodgate Financial, and Sally George of Convergency Partners led the raise as the growth-tech startup builds out its AI platform and leadership bench.
New teams from William Blair, Ameriprise and UBS bring more than $560 million in combined client assets to the firm's employee and independent channels.
Regulators this year approved UBS Bank USA’s conversion to a nationally chartered bank.
How a subprime lender’s car-loan bonds allegedly unraveled before bankruptcy.
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
