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House Democrat Introduces Workplace Retirement Savings Bills
Pensions & Investments Dec. 4, 2017
"The proposed Automatic Retirement Plan Act of 2017 [introduced by Ways and Means Committee ranking member Richard Neal, D-Mass.] would require many employers to offer a 401(k) or 403(b) plan ... Employer contributions would not be required, but failure to offer a plan would incur an excise tax.... The second bill, the Retirement Plan Simplification and Enhancement Act of 2017, would modify the current automatic enrollment safe harbor cap of 10% of pay, and establish a new safe harbor to get employers to defer more than the automatic deferral floor of 3% of salary in the first year."
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