Washington, D.C. – U.S. Senator Susan Collins (R-ME) announced that the Simplifying Small Business Retirement Savings Act – a bipartisan bill she co-authored with Senator John Hickenlooper (D-CO) –passed the Senate Health, Education, Labor and Pensions Committee by voice vote. The bill advanced as part of a larger retirement security package, the RISE & SHINE Act, a critical step before consideration by the full Senate.
Small businesses employ nearly half of American private sector workers. However, due to costs and regulatory complexity, only 53 percent of workers at small businesses have access to a retirement plan compared to 85 percent of employees at larger companies.
“Making it easier and more affordable for smaller businesses to offer retirement plans is key to helping many Americans prepare for their golden years,” said Senator Collins. “In 2019, legislation I co-authored to reduce the cost and complexity of retirement plans was signed into law, expanding employees’ access to these savings options. I am pleased that Congress has taken another step toward passing our bipartisan bill, which would make a significant difference in helping individuals save more for retirement.”
Specifically, the Simplifying Small Business Retirement Savings Act would modify two innovative types of retirement plans that are designed to make it easier and more affordable for small businesses to provide retirement plans:
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