Sen. John Kennedy (R-La.) Introduces Legislation to Strengthen Retirement Plans for American Workers
Jun 20 2019
WASHINGTON, D.C. – U.S. Sen. John Kennedy (R-La.) filed legislation today to improve retirement savings plan options for millions of American small businesses and their employees. This legislation makes it easier and less expensive for small businesses to offer retirement plans, like 401(k)s, by encouraging small businesses to band together through organized business associations, like chambers of commerce, that can sponsor affordable retirement plans for all of the associations’ members.
According to the Bureau of Labor Statistics, about one-third of private sector employees did not have access to employer-sponsored retirement plans in 2016. Only 47% of employees of small businesses with fewer than 50 employees have access to defined retirement contribution plans, such as 401(k)-style plans.
“Millions of Americans work for small businesses that don’t have the resources to offer their employees retirement plans, which can make saving for retirement challenging and complicated,” said Sen. Kennedy. “This bill will make retirement plans more simple and available to people who own or work for small businesses. Americans know the value of hard work, and we work like dogs hoping that one day we’ll be able to kick back and retire. This legislation will help make those retirement dreams more accessible to many hardworking Americans.”