Washington, D.C. – Following a push by U.S. Senator Susan Collins (R-ME), the President signed an executive order today that directs the U.S. Department of Labor and the U.S. Department of Treasury to consider issuing regulations and guidance that would make it easier for businesses to offer association retirement plans, also known as multiple employer plans. This action complements Senator Collins’ legislative efforts to help Americans save for retirement.
“Far too many Americans do not have the resources they will need to maintain their standard of living in retirement. In fact, polls show that only about half of all working Americans believe that they will have enough money to live comfortably in retirement. As Chairman of the Senate Aging Committee, ensuring that more people are better prepared for retirement is one of my top priorities,” said Senator Collins. “I applaud today’s action to reduce the cost and complexity of retirement plans, especially for small businesses, to encourage individuals to save for retirement. Making it easier for smaller businesses to offer retirement plans for their workers would make a significant difference in the financial security of many Americans.”
Senator Collins has worked hard to ensure that Americans are better prepared for retirement. Last month, Senators Collins and Mark Warner (D-VA) introduced the SIMPLE Plan Modernization Act to provide greater flexibility and access to small business employees and their employers seeking to utilize the popular SIMPLE plans as an option for saving for retirement.
Last year, Senators Collins and Bill Nelson (D-FL) introduced the Retirement Security Act, bipartisan legislation that would help small businesses offer retirement plans to their employees and encourage individuals to save more for retirement.