Political Quotes

“Mr. President, building on this comprehensive effort to strengthen retirement security, I am also introducing a second bill today with my friend and colleague from Virginia, Senator Mark Warner. It would provide greater flexibility and access to both employees and their employers seeking to use the popular SIMPLE plans for saving for retirement. Established in 1996, SIMPLE plans can help small businesses provide their employees with a retirement plan that is less costly and easier to navigate than the 401(k) plan, which many small employers simply cannot afford. Our bill, the SIMPLE Plan Modernization Act, would help expand access to SIMPLE plans by increasing the contribution limit for most small companies. This would achieve two important goals. First, it would encourage more small employers to offer a retirement savings benefit to their employees. Second, it would allow employees of small businesses to save even more for retirement each year on a tax-deferred basis. This legislation is also a win-win proposition for retirement security. It encourages small business employers and their employees to take additional steps to save for retirement. For many small employers, this legislation would provide enhanced saving opportunities. At the same time, it is carefully constructed to prevent employers that already have a 401(k) plan from dropping that plan to adopt a SIMPLE plan.…”