Sens. Susan Collins, R-Maine, and Bill Nelson, D-Fla., introduced Thursday the Retirement Security Act of 2015, S. 266, which allows more small businesses to join multiple employer plans, includes measures to encourage and expand auto enrollment and also expand tax incentives for small businesses.
Companion legislation H.R.557 was introduced in the House by Reps. Vern Buchanan, R-Fla., and Ron Kind, D-Wis.
Sens. Collins and Nelson introduced identical legislation last year, but this is the first time such legislation has been introduced in the House.
Cathy Weatherford, president and CEO of the Insured Retirement Institute, said in a statement that IRI applauds the bills’ introduction, stating that “allowing more startups and small businesses to join multiple employer plans will greatly increase the number of workers with access to a workplace plan.”
The American Council of Life Insurers added that the bills will “facilitate the use of private multiple employer plans, where many small businesses can join together to achieve economies of scale and advantages with respect to plan administration and investment services, making plans much more affordable and effectively managed.”