{"id":2131,"date":"2022-06-14T16:52:56","date_gmt":"2022-06-14T16:52:56","guid":{"rendered":"https:\/\/rosen-testing.senate.gov\/2022\/06\/14\/rosens-bipartisan-bill-to-lower-costs-of-enhanced-retirement-plans-for-small-business-employees-advances-out-of-committee\/"},"modified":"2022-07-13T20:22:40","modified_gmt":"2022-07-13T20:22:40","slug":"rosens-bipartisan-bill-to-lower-costs-of-enhanced-retirement-plans-for-small-business-employees-advances-out-of-committee","status":"publish","type":"post","link":"https:\/\/www.rosen.senate.gov\/es\/2022\/06\/14\/rosens-bipartisan-bill-to-lower-costs-of-enhanced-retirement-plans-for-small-business-employees-advances-out-of-committee\/","title":{"rendered":"Rosen\u2019s Bipartisan Bill to Lower Costs of Enhanced Retirement Plans for Small Business Employees Advances Out of Committee"},"content":{"rendered":"<p style=\"line-height:1.2; text-align:center\"><span style=\"font-size:16pt; font-variant:normal; white-space:pre-wrap\"><span style=\"font-family:'Times New Roman'\"><span style=\"color:#000000\"><span style=\"font-weight:400\"><span style=\"font-style:italic\"><span style=\"text-decoration:none\">Legislation Would Reduce Administrative Barriers to Improve Retirement Plans for Workers at Small Businesses<\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n<p style=\"line-height:1.2\"><span style=\"font-size:13.999999999999998pt; font-variant:normal; white-space:pre-wrap\"><span style=\"font-family:'Times New Roman'\"><span style=\"color:#000000\"><span style=\"font-weight:700\"><span style=\"font-style:normal\"><span style=\"text-decoration:none\">WASHINGTON DC<\/span><\/span><\/span><\/span><\/span><\/span><span style=\"font-size:13.999999999999998pt; font-variant:normal; white-space:pre-wrap\"><span style=\"font-family:'Times New Roman'\"><span style=\"color:#000000\"><span style=\"font-weight:400\"><span style=\"font-style:normal\"><span style=\"text-decoration:none\"> \u2013 Today, U.S. Senator Jacky Rosen (D-NV) announced that her bipartisan <\/span><\/span><\/span><\/span><\/span><\/span><a href=\"https:\/\/www.rosen.senate.gov\/es\/rosen-scott-introduce-bipartisan-bill-lower-costs-enhanced-retirement-plans-small-business\/\" style=\"text-decoration:none\"><span style=\"font-size:13.999999999999998pt; font-variant:normal; white-space:pre-wrap\"><span style=\"font-family:'Times New Roman'\"><span style=\"color:#1155cc\"><span style=\"font-weight:400\"><span style=\"font-style:italic\"><span style=\"text-decoration:underline\"><span style=\"-webkit-text-decoration-skip:none\"><span style=\"text-decoration-skip-ink:none\">Increasing Small Business Retirement Choices Act<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/a><span style=\"font-size:13.999999999999998pt; font-variant:normal; white-space:pre-wrap\"><span style=\"font-family:'Times New Roman'\"><span style=\"color:#000000\"><span style=\"font-weight:400\"><span style=\"font-style:normal\"><span style=\"text-decoration:none\"> with Senator Tim Scott (R-SC) advanced out of the Senate Committee on Health, Education, Labor and Pensions as part of a bipartisan pensions package. This legislation would make it easier for small businesses to offer more comprehensive retirement benefits to their workers by reducing administrative expenses.<\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n<p style=\"line-height:1.2\"><span style=\"font-size:13.999999999999998pt; font-variant:normal; white-space:pre-wrap\"><span style=\"font-family:'Times New Roman'\"><span style=\"color:#000000\"><span style=\"font-weight:400\"><span style=\"font-style:normal\"><span style=\"text-decoration:none\">\u201cNevada small businesses are central to our economy, employing more than half a million Nevadans up and down the state,\u201d <\/span><\/span><\/span><\/span><\/span><\/span><span style=\"font-size:13.999999999999998pt; font-variant:normal; white-space:pre-wrap\"><span style=\"font-family:'Times New Roman'\"><span style=\"color:#000000\"><span style=\"font-weight:700\"><span style=\"font-style:normal\"><span style=\"text-decoration:none\">dijo el Senador Rosen.<\/span><\/span><\/span><\/span><\/span><\/span><span style=\"font-size:13.999999999999998pt; font-variant:normal; white-space:pre-wrap\"><span style=\"font-family:'Times New Roman'\"><span style=\"color:#000000\"><span style=\"font-weight:400\"><span style=\"font-style:normal\"><span style=\"text-decoration:none\"> \u201cOur bipartisan legislation will make it easier for small businesses to offer employees better retirement plans by reforming outdated regulations that tie employers\u2019 hands and make it harder for them to afford high-quality plan features for their workers.\u201d<\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n<p style=\"line-height:1.2\"><span style=\"font-size:13.999999999999998pt; font-variant:normal; white-space:pre-wrap\"><span style=\"font-family:'Times New Roman'\"><span style=\"color:#000000\"><span style=\"font-weight:400\"><span style=\"font-style:normal\"><span style=\"text-decoration:none\">Currently, employers who offer 401(k) retirement plans and want to consider a \u201cplan design change,\u201d such as auto-enrollment or auto-escalation, must pay upfront out-of-pocket administrative costs, even if such changes might help employees save more money. This bipartisan bill would change existing law to allow small business employers to use retirement plan funds to pay expenses associated with retirement plan design changes, lowering the cost of providing better plans to workers.<\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n<p style=\"line-height:1.2; text-align:center\"><span style=\"font-size:13.999999999999998pt; font-variant:normal; white-space:pre-wrap\"><span style=\"font-family:'Times New Roman'\"><span style=\"color:#000000\"><span style=\"font-weight:400\"><span style=\"font-style:normal\"><span style=\"text-decoration:none\">###<\/span><\/span><\/span><\/span><\/span><\/span><\/p>","protected":false},"excerpt":{"rendered":"<p>Legislation Would Reduce Administrative Barriers to Improve Retirement Plans for Workers at Small Businesses WASHINGTON, DC \u2013 Today, U.S. Senator Jacky Rosen (D-NV) announced that her bipartisan Increasing Small Business Retirement Choices Act with Senator Tim Scott (R-SC) advanced out of the Senate Committee on Health, Education, Labor and Pensions as part of a bipartisan [&hellip;]<\/p>","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[21],"class_list":["post-2131","post","type-post","status-publish","format-standard","hentry","category-press_release","tag-jobs-and-economy"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.9 - 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