Congressman Jim Renacci (R-OH) is proud to support the Family Savings Act included in the Tax 2.0 legislative package this week. This legislation includes Renacci's bipartisan Retirement Security for American Workers Act that allows unrelated private employers to join a pooled employer retirement plan.
"As someone who has owned and operated small businesses across the Buckeye state, I understand how difficult and vital it is to provide retirement accounts. With nearly a third of the private sector workforce lacking access to workplace retirement benefits, it's crucial that we find ways to increase retirement savings," said Renacci. "My bill includes a provision that allows for Open Multiple Employer Plans -- a provision I have long championed since I came to Congress. Ultimately this legislation is a strong step forward in making it easier for more small businesses to provide retirement plans for their employees."
The Retirement Security for American Workers Act allows two or more unrelated private employers to join a pooled employer 401K type retirement plans. Allowing unrelated employers to come together into one plan and create economies of scale that lowers both employer and plan participant costs will ultimately boost retirement plan coverage in the private sector.
The legislation was included in a broader bill that will help more Americans save for retirement and will be voted on by the full House of Representatives later this week.