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Bipartisan bills in Senate also address inadequate savings rates
- The Rainy Day Savings Act would allow up to 20 percent of tax filers' refunds to be deposited in the Rainy Day Savings Program, which would accumulate interest in an account held with the Treasury Department for six months before being directly deposited in tax-payers' personal bank accounts.
- The Strengthening Financial Security Through Short-Term Savings Act would allow employers to automatically deduct employee contributions to short-term savings accounts, which would have a maximum account balance of $10,000. Sponsored by Sen. Heidi Heitkamp, D, ND, the bill instructs the Treasury Department to issue regulations or guidance for offering the accounts within defined contributions plans.
Pru not waiting for Congress
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
