Friday, President Trump signed an executive order to expand access to workplace retirement plans. According to the Bureau of Labor Statistics, only 53 percent of workers at businesses with less than 100 employees have a workplace retirement plan option. The order is designed to benefit these individuals, given they are less likely to have access to retirement plans, when compared to their peers’ at large companies.
The order directs the Departments of Labor and Treasury to consider regulatory changes that make it easier for businesses to join together and offer Association Retirement Plans (ARPs), also known as Multiple Employer Plans.
It also directs the Department of the Treasury to review the rules on required minimum distributions from retirement plans to see if retirees could keep more money in 401(k)s and IRAs for longer. This could allow retirees to spread retirement savings over a longer period.
Congressman Daniel Webster represents The Villages in the U.S. House of Representatives.
