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Retirement Savings Proposal Axed From Biden’s Spending Deal

Oct. 28, 2021, 3:49 PM

A landmark proposal that would have created the first U.S. workplace retirement savings mandate has been cut from the tax-and-spend package Democratic lawmakers are crafting on Capitol Hill, according to sources familiar with the negotiations.

The proposal was absent from a pared-down reconciliation agreement the White House announced Thursday that is expected to clear moderate Democratic scrutiny in the Senate. Paid family and medical leave legislation also was eliminated.

Provisions that would have required most U.S. businesses to offer a basic savings plan and capped wealthy individual retirement accounts were poised to bolster markets with trillions in retirement assets ...

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