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Lawmakers reintroduced late Thursday the Retirement Financial savings for Individuals Act, which might create Roth IRA-style retirement accounts for staff with out entry to employer-sponsored retirement plans.
The invoice was launched by Sens. John Hickenlooper, D-Colo., and Thom Tillis, R-N.C., and Reps. Lloyd Smucker, R-Pa., and Terri Sewell, D-Ala.
It might set up a brand new program to offer eligible staff entry to transportable, tax-advantaged retirement financial savings accounts.
The invoice was first floated final December.
If handed, the “RSAA would permit the federal authorities to match contributions for low- and middle-income staff, with the match starting to part out at median earnings,” in response to the lawmakers.
“Roughly 40 million Individuals lack entry to an employer-sponsored retirement plan, which represents a big roadblock to reaching monetary safety for his or her retirement,” Tillis stated in a press release. “The Retirement Financial savings for Individuals Act tackles this actual downside by establishing a pathway for financial savings for Individuals missing retirement choices.”
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