Benefits managers working 10 years ago may remember two politicians who crossed the aisle to create retirement plan design policy that featured both Republican and Democrat ideology: Rob Portman (R-Ohio) and Ben Cardin (D-Md.). The duo trumpeted features such as auto-enrollment and the Comprehensive Retirement Security and Pension Reform Act, signed into law under the Economic Growth Tax Relief and Reconciliation Act in 2001, which set higher contribution limits, simplified discrimination tests, a tax credit for low-income savers and incentives for small-business retirement programs. Portman and Cardin have joined forces yet again to set policy designed to meet today’s retirement challenges.
Amid current proposals to incorporate lifetime income options into defined contribution plans and a threat to take away investors’ existing tax incentives, Portman and Cardin were back together again last week at an event in Washington, D.C., along with several retirement industry experts to discuss what retirement will look like for Gen Y, Gen X and baby boomers.
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