Friday, May 17, 2013

Could a Mandatory Savings Plan be in your Future?

BlackRock’s Laurence D. Fink, head of the world’s largest asset manager, says that US employers should be required to put money aside for their employees’ retirement, similar to what is done in Australia’s superannuation system. 
[...] 
In Australia, employers must contribute at least 9 percent of part-time and full-time employees’ income into accounts that belong to workers.
In the United States, Senator Tom Harkin, an Iowa Democrat and chairman of the Senate Health, Education, Labor, and Pensions Committee, said he plans to introduce legislation this year to require businesses that do not offer a pension or 401(k) plan with a company match to automatically enroll workers in a so-called USA Retirement Fund.
Read the full story HERE.

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