Democrats Aim to Push Firms Into Auto-Sign-Up Retirement Plans
- Proposed legislation is designed to boost retirement savings
- Americans found not to be saving enough even before pandemic
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House Democrats proposed requiring companies to automatically enroll workers for IRAs or 401(k)-type retirement plans under a provision tucked into draft legislation enacting the bulk of President Joe Biden’s economic plan.
The proposal addresses a problem that has been exacerbated by the coronavirus pandemic: Americans haven’t saved enough for retirement. Nearly half of people aged 55 or older have nothing saved for after they stop working, according to a 2019 U.S. Government Accountability Office report.