Auto-IRA Programs (H.J. Res 66 and 67)
UPDATE: This passed the Senate 50-49. It is now on President Trump's desk.
Several states have started to develop auto-IRA programs, which have the potential to cover tens of millions of workers who have little or nothing saved for retirement, and many other states are considering them. These retirement savings programs set up retirement accounts automatically, and workers can opt out at any time. These accounts are managed by the state, thus limiting the administrative costs that keep some businesses from offering retirement benefits.
Passage of HR 66 would compromise the programs that are already in the works and discourage other states from developing programs of their own. These resolutions will roll back provisions allowing states or cities to set up IRAs for people who don’t have them through their employer, which will typically be low-income workers.
H.J.Res. 67 passed in early April. It limits cities’ ability to create savings accounts for non-governmental employees.
H.J.Res. 66, a companion resolution just passed the Senate and would do the same thing to state-level efforts.
Action: Thank Senators Donnelly and Young for voting no on H.J. Res 66. Ask President Trump not to sign it.
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