Post by Logan on Mar 4, 2017 4:24:09 GMT -6
Seattle council member has plan to help workers save for retirement but Congress may kill it
For the past year, Seattle City Councilmember Tim Burgess has been working on a proposal to have businesses without retirement plans automatically enroll their employees in a city plan providing each with an Individual Retirement Account (IRA).
In theory, the plan could enroll as many as 200,000 Seattle workers, Burgess says.
Joined by counterparts in New York City and Philadelphia, the council member successfully lobbied President Barack Obama’s Department of Labor last year for a rule change giving large cities legal wiggle room to implement such a plan.
But congressional Republicans are trying to repeal the rule change for cities and a related change for states.
Read more: www.seattletimes.com/seattle-news/politics/seattle-council-member-has-plan-to-help-workers-save-for-retirement-but-congress-may-kill-it/
For the past year, Seattle City Councilmember Tim Burgess has been working on a proposal to have businesses without retirement plans automatically enroll their employees in a city plan providing each with an Individual Retirement Account (IRA).
In theory, the plan could enroll as many as 200,000 Seattle workers, Burgess says.
Joined by counterparts in New York City and Philadelphia, the council member successfully lobbied President Barack Obama’s Department of Labor last year for a rule change giving large cities legal wiggle room to implement such a plan.
But congressional Republicans are trying to repeal the rule change for cities and a related change for states.
Read more: www.seattletimes.com/seattle-news/politics/seattle-council-member-has-plan-to-help-workers-save-for-retirement-but-congress-may-kill-it/