Rep. Joseph Crowley, D-New York, today introduced legislation intended to aggressively improve access to workplace retirement savings plans.
The Secure, Accessible, Valuable, Efficient Universal Pension Accounts, or SAVE UPs Act, requires small businesses with 10 or more employees that don’t already have a workplace savings program in place to enroll all employees in “individualized retirement accounts,” according to a release from Crowley’s office.
Employee elective contributions
Under the proposed legislation, employees will be automatically enrolled in SAVE UPs account funds, with 3 percent of annual income being deferred into accounts.
Continue Reading for Free
Register and gain access to:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.