BGOV Closer Look: H.R. 8696, Expanded Retirement Savings

Retirement savings options for workers would be expanded under H.R. 8696.

The bill would automatically enroll employees in their company’s 401(k) plan, increase tax incentives for small businesses to create retirement plans, and enhance a tax credit to lower-income individuals who are saving for retirement.

It would increase the age at which individuals are required to start drawing on their retirement accounts to 75, from 72, and allow employers to make matching contributions to retirement accounts for workers repaying student loans.

“COVID-19 has only exacerbated our nation’s existing retirement crisis, further compromising Americans’ long-term financial security,” said House Ways ...