Retirement Bill Needs Support to Avoid ‘Tsunami,’ Lawmaker Says

Congress needs to pass a major legislative package if it wants to stave off a coming retirement savings crisis, Rep. Mike Kelly (R-Pa.) said July 19.

He was referring to the Retirement Enhancement Savings Act (H.R. 5282), which was first introduced in 2016 and then again in both the House and the Senate in March. Kelly is the sponsor of the House version of RESA.

The bill gives workers more ways to save for retirement, makes joining multiple employer plans easier for small businesses, and provides tax relief for employers that sponsor traditional pension plans.

During a U.S. ...