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Monday, February 19, 2024

Invoice to Create U.S.-Run Retirement Accounts Is Again

Lawmakers reintroduced late Thursday the Retirement Financial savings for Individuals Act, which might create Roth IRA-style retirement accounts for employees with out entry to employer-sponsored retirement plans.

The invoice was launched by Sens. John Hickenlooper, D-Colo., and Thom Tillis, R-N.C., and Reps. Lloyd Smucker, R-Pa., and Terri Sewell, D-Ala.

It could set up a brand new program to present eligible employees entry to moveable, tax-advantaged retirement financial savings accounts.

The invoice was first floated final December.

If handed, the “RSAA would permit the federal authorities to match contributions for low- and middle-income employees, with the match starting to section out at median earnings,” in accordance with the lawmakers.

“Roughly 40 million Individuals lack entry to an employer-sponsored retirement plan, which represents a major roadblock to attaining monetary safety for his or her retirement,” Tillis stated in an announcement. “The Retirement Financial savings for Individuals Act tackles this actual drawback by establishing a pathway for financial savings for Individuals missing retirement choices.”

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