House Republicans are offering their own plan to recover America’s retirement savings. Led by House Republican leader John Boehner, R-Ohio, the recently formed House GOP Savings Recovery Solutions Group unveiled its Savings Recovery Act Tuesday. The goal: allow Americans to rebuild their personal and retirement savings as quickly as possible – without government hindrance.
Republicans say they are committed to preserving 401(k)s and are focused on allowing Americans to make their own decisions regarding their retirement savings. They’re countering President Obama’s proposal to require all employers enroll their workers in an automatic IRA with the ability to opt-out.
Republicans say that approach – especially the notion of wiping out 401(k)s all together – is leaving retirement in the hands of bureaucrats, not families. “House Republicans are committed to preserving 401(k)s – and just as importantly, preserving workers’ ability to make their own decisions about their retirement savings,” states the Republican leader’s official Web site.