HEAT ADVISORY today in Western Washington

Obama to propose expanding access to retirement savings accounts

This is an archived article and the information in the article may be outdated. Please look at the time stamp on the story to see when it was last updated.

WASHINGTON (AP) — President Barack Obama will pitch some new proposals to expand access to retirement savings accounts and revisit some old ones when issuing his budget next month.

The White House says Obama’s proposals, if enacted, would provide more than 30 million people with access to retirement savings accounts.

The biggest chunk of that increase would occur through legislation requiring employers that don’t offer a retirement plan to automatically enroll their workers in an Individual Retirement Account. The employers that did so would get a tax credit of $3,000 to help them offset the administrative expense. The proposal was also part of last year’s budget.

On the new front, Labor Secretary Thomas Perez says the administration will seek to make it easier for multiple employers to join together to offer retirement plans.