Bipartisan bills in Senate also address inadequate savingsrates

  • The Rainy Day Savings Act would allow up to 20 percent of taxfilers' refunds to be deposited in the Rainy Day Savings Program,which would accumulate interest in an account held with theTreasury Department for six months before being directly depositedin tax-payers' personal bank accounts.
  • The Strengthening Financial Security Through Short-Term SavingsAct would allow employers to automatically deduct employeecontributions to short-term savings accounts, which would have amaximum account balance of $10,000. Sponsored by Sen. HeidiHeitkamp, D, ND, the bill instructs the Treasury Department toissue regulations or guidance for offering the accounts withindefined contributions plans.

Pru not waiting for Congress

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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.