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