The Insured Retirement Institute is throwing its weight behind legislation that would require all but the smallest employers to sponsor 401(k) plans. The Automatic Retirement Plan Act of 2017, sponsored by Rep. Richard Neal, D-MA, would provide a “purely private sector solution” to the access gap in workplace retirement plans, said Lee Covington, senior vice president and general counsel at IRI, in a press call.
Rep. Neal's bill requires all private sector employers with more than 10 employees to offer a defined contribution retirement plan. Covington said the mandate is prescribed “in a way to make it painless for small business owners.”
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
