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. Mr. Covington said the mandate is prescribed "in a way to make it painless for small business owners."
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