U.S. Rep. Vern Buchanan (R-Fla.) has introduced bipartisan legislation to make it easier for small businesses to offer retirement benefits to employees.
The Retirement Security for American Workers Act, co-sponsored by Rep. Rich Neal (D-Mass.), the top Democrat on the House Ways & Means Committee, as well as Reps. Ron Kind (D-Wisc.) and Jim Renacci (R-Ohio), is intended to make it less costly for small businesses to set up retirement plans.
Specifically, the Retirement Security for American Workers Act lets businesses join together in “multiple employer plans” (MEPs) with pooled plan providers to share the administrative burden and costs of offering a retirement plan.
Buchanan previously introduced a version of the bill in December 2016.