Rep. Joseph Crowley, D-N.Y. introduced legislation Wednesday that's intended to aggressively improve access to workplace retirement savings plans.
The Secure, Accessible, Valuable, Efficient Universal Pension Accounts, or SAVE UPs Act, requires small businesses with 10 or more employees that don't already have a workplace savings program in place to enroll all employees in “individualized retirement accounts,” according to a release from Crowley's office.
Under the proposed legislation, employees would automatically be enrolled in SAVE UPs account funds, with 3 percent of annual income being deferred into the accounts.
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