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Auto-Enrollment Retirement Savings Bill Gets New Life in Senate

May 21, 2021, 1:34 PM

U.S. Sens. Ben Cardin (D-Md.) and Rob Portman (R-Ohio) reintroduced legislation Friday that would reward businesses for automatically enrolling retirement plan participants and carve out legal protections for them when they do.

The Retirement Security and Savings Act would allow employers to easily enroll all their employees and offer matching contributions to workers paying off their student loans. The bill also would allow people to make more generous catch-up contributions if their savings have fallen behind and incentivize small businesses to set up auto-enroll 401(k)s.

Cardin and Portman first introduced the bill in late 2018 and then again prior to ...