An Ohio Senator has helped introduce a bipartisan bill to strengthen retirement systems.
Republican Senator Rob Portman and Democratic Senator from Maryland Ben Cardin introduced the "Retirement Security & Savings Act", just before the government shutdown. The bill will aim to help Americans save more for retirement and increase access to 401(k)'s as well as other plans. Included are 50 provisions to increase savings in 401(k)'s. It also looks to improve access to workplace plans in the small employer market. The bill also requires the Treasury Department to update it's 20 year old mortality tables.
"This is in the interest of our economy," Portman said. "It helps with regard to savings. It helps with regard to economic growth. It's also in the interest of a lot of people who are retiring. About 10,000 'Baby Boomers' retiring every day, who are not building up enough in their nest egg for retirement. And it's helpful in terms of backing up Social Security."
Portman and Cardin have worked on previous legislation together to enhance retirement systems.
