As was foreshadowed in President Obama’s last State of the Union Address, retirement policy gets considerable attention in the White House’s fiscal year 2017 budget, released today.
Familiar initiatives that Congress previously has refused to fund, like a nearly comprehensive mandate that small employers auto-enroll workers in IRAs, again appears in President Obama’s budget, as it has in his seven previous budget proposals.
But this year’s budget also includes new, specific retirement policy initiatives, including the creation of “open” multiple employer plans, a call for the Pension Benefit Guaranty Corporation to raise premiums for troubled multiemployer plans while keeping premiums in PBGC’s single-employer plan flat, and $6.5 million in money for pilot state-run 401(k) plans.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
