AARP Urging Lawmakers to Approve Retirement Savings Bill For Hoosiers
Tuesday, January 19, 2016
INDIANAPOLIS - People just aren't saving enough money. As a matter of fact, a new survey released by Forbes says more than half of Americans have less than $1,000 in their checking and savings accounts combined.
Nearly a quarter have less than $100. The idea of saving for retirement sounds good, but either people just don't have enough money to do it, their employer doesn't offer any kind of savings plan, or it's just too complicated.
That's the point of a new bill in Indiana by Rep. Sean Eberhart (R-Shelbyville). He says the Hoosier Employee Retirement Options Bill sets up an online portal to hook small business owners up with a list of private plans that have been given the OK by the state.
"A wide majority of small-business owners, for whatever reasons, whether there's no HR department, limited resources, just don't offer their own plan and don't have the time or the resources to connect their employees to a plan," says Eberhart.
AARP says it will give people peace of mind because Social Security has become the main source of retirement income, and it's just not enough. They're asking for a committee hearing for the legislation this week, or it's dead in the water for the fourth year in a row.
Eberhart says a lot of small-business owners and their workers would benefit from the legislation, including himself.
"I've got a tool-equipment rental business in Shelbyville with three employees," says Eberhart. "I don't have my own plan. I've not gone out and tried to connect my employees with a plan for those exact reasons. I'm a very small operation and just don't have the resources and the time to do that."
AARP surveyed 500 small-business owners in Indiana and found the majority would support legislation that provides online access to affordable retirement savings plans.
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