The bipartisan legislation, introduced to Congress in 2023, would create a federal workplace retirement account for workers, similar to a 401(k).
Such a plan would undoubtedly improve outcomes for those who wouldn't have otherwise have access to workplace retirement accounts, a recent study from Morningstar finds.
Matching tax credit: Workers under a certain salary threshold would be eligible for a "match" in the form of a federal tax credit.
Workers under a certain salary threshold would be eligible for a "match" in the form of a federal tax credit.
"A lot of people would think of this federal plan as their [only] plan," he says.
Persons:
Uncle Sam, Spencer Look, there'd
Organizations:
Savings, Morningstar, Workers