House Democrats To Offer Proposal for Retirement Savings - WaPo

[rndmprsn]

an alternative add-on retirement savings plan to pre-empt/de-fang the upcoming rethug "GROW account" proposal (basically putting the surplus into private accounts)...looks like a beefed up 401k, that you automatically get opted-in for, backed by feds.

this'll be interesting.

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House Democrats To Offer Proposal for Retirement Savings

House Democrats intend to propose a retirement-savings plan today that will be their first leadership-backed alternative to Republican plans for a broad retirement-security package, which includes changes to Social Security.

The Democratic plan, called AmeriSave, would increase incentives for middle-class workers to participate in 401(k) retirement accounts and individual retirement accounts. It would also create tax credits for small businesses that set up retirement accounts for their employees...

...House Democratic leader Nancy Pelosi (Calif.) said her party is "fighting to strengthen and safeguard Social Security's guaranteed benefit but more must done so that every American has the opportunity to build a secure retirement." She said the plan "will build retirement security by expanding opportunities to save and guaranteeing workers receive the benefits that they have been promised."...

...An outline of the Democratic plan said it would "dramatically increase the number of people investing in 401(k) accounts by encouraging employers to automatically enroll eligible employees into 401(k) or other retirement plans unless the employee chooses not to participate." Thomas also favors requiring workers to opt out rather than opt in...

[shraby]

1. What part of "can't afford to" don't all the

numnuts in Washington understand? After-tax and after-living expenses income isn't all that great anymore.

[B Calm]

4. Working for poverty wages is not helping things. Young people

need to organize and bring back the unions. It's a fact that when working people stick together wages go up.

[liberal N proud]

2. The Dem's selling out!

What is it about "Leave Social Security Alone" is it they don't get?

[B Calm]

3. My new employer made me wait a year before I could sign up

in the company 401K plan. When my year was up, they made me wait another 4 months because they only have two open windows for enrollment per year. This is from a company that doesn't offer the employees a pension plan.