Rethink retirement. That’s what Senator Todd Young and Secretary of Labor Alexander Acosta are saying about of the future of retirement security.
The two have been working together on Senator Young’s bill that proposes more access to work based retirement.
They spoke in support of pooled employer plans that would allow unrelated employers to open a plan together.
Small business was a major talking point since 86 percent of small businesses don’t offer retirement plans to their employees due to the cost and the legal risk.
“Well we need to make it easier for our small businesses to first enroll their employees in a retirement plan and then to increase over the lifetime of that employee the amount that they can contribute into that retirement plan so that when people retire they can enjoy a comfy and secure retirement,” say Republican Senator Todd Young.
Young says as businesses are changing the government needs to do a better job of adapting to offer retirement security to anyone who has a job.