On February 15th, the House of Reps. passed a bill that could harm you and millions of American workers’ ability to build up meaningful retirement savings. This GOP bill approved legislation to overturn Department of Labor (DOL) regulations that help state-level efforts to provide retirement savings accounts to private-sector employees who aren’t eligible to participate in a retirement plan at their jobs.
Apparently, President Trump’s delay of new federal rules that would ensure financial advisers prioritize their clients’ best interests, it wasn’t enough regarding retirement investments. These plans aim to address a significant problem with the U.S. retirement system: You may be half of all American workers that aren’t offered a workplace retirement savings program. The plans are designed specifically to provide retirement savings to private sector employees whose employers, typically small businesses, lack the resources to implement their own retirement plans.
GOP Bill will now go to the Senate for approval.
Americans are watching and listening to see if the Republicans in that chamber will part with the HoR and decide to help, rather than hinder, millions of ordinary workers’ ability to plan for retirement. Considering the GOP’s historic advocacy of states’ rights to decide what’s best for their citizens, one would think the GOP would rush to support states that take the initiative to address a serious problem for their residents. With the government meddling with these programs, it’s more imperative than ever to take control of your retirement.
Please share this article and help raise awareness to your friends and family. If you haven’t taken a serious look at your retirement, please contact Asset Planning Pros to guide and educate you.