Senate Democrats Plan to Expand 401k Retirement Savings Opportunities For Americans

U.S. Senate Democratic Leader Charles E. Schumer, U.S. Senator Ron Wyden (D-OR), Ranking Member on the Senate Committee on Finance, U.S. Senator Debbie Stabenow (D-MI), member of the Senate Committee on Budget and Chair of the Senate Democratic Policy and Communications Committee, and U.S. Senator Sheldon Whitehouse (D-RI), Member of the Senate Committee on the Budget, will unveil their plan to protect and expand retirement savings opportunities for the American people. By contrast, the Trump Administration and many Republican members have failed to assure Americans that they will protect their 401(k) plans, which would actively harm millions of Americans’ ability to save for retirement. The Senate Democrats will unveil a plan that would not only protect and expand 401(k) contribution limits, but also offer stronger incentives for employers to match retirement contributions for their workers and provide a savings option for those Americans who do not have the opportunity to save at work through the convenience of a payroll deduction plan, such as a 401(k) plan. The Senators will say every American has a right to retirement security, and any attempt to cut savings for hardworking Americans to pay for a tax giveaway to the wealthy is no plan at all.