Young unveils bills to improve retirement security for ‘financially unprepared’

U.S. Sen. Todd Young (R-IN) on Aug. 4 introduced four bipartisan bills that aim to increase the number of Americans having retirement plans, a figure the U.S. Department of Labor puts at more than 40 million people.

“We face a time when many Hoosier families are financially unprepared for retirement,” Sen. Young said. “It is critical that we ensure Hoosiers have access to robust savings for their future.” 

Sen. Young sponsored the Commission on Retirement Security Act of 2021, S. 2603, with original cosponsor U.S. Sen. Cory Booker (D-NJ) to create a federal retirement commission charged with reviewing private retirement benefit programs and submitting a report to Congress on how to improve private retirement security in the United States, according to a bill summary provided by Sen. Young’s office. 

On the same day, Sen. Young also sponsored the Retirement Security Flexibility Act of 2021, S. 2602, with cosponsor Sen. Booker, which would provide for an additional nondiscrimination safe harbor for automatic contribution arrangements, according to the text of the bill.

S. 2602, Sen. Young said, would “improve access to retirement plans and protect against burdensome regulatory requirements,” while S. 2603 would “bring together experts to advise Congress on the best solutions for retirement security.”

Additionally, Sen. Young cosponsored the Refund to Rainy Day Savings Act, S. 2600, with bill sponsor Sen. Booker, to enable individuals to build emergency savings during tax time by allowing filers to save a portion of their tax refund for “rainy day” or long-term savings, according to the bill summary.

Finally, Sen. Young also cosponsored the Strengthening Financial Security Through Short-Term Savings Accounts Act of 2021, S. 2601, with bill sponsor Sen. Booker to allow employers to offer short-term savings accounts with automatic contribution arrangements for financial emergencies, according to the text of the bill.

“With the pandemic forcing many families to dip into their hard-earned savings, including retirement funds, to cover unexpected costs related to challenges like healthcare costs, remote learning, and job loss, it’s essential that we provide workers with the tools they need to build savings,” said Sen. Booker.