Bipartisan bill introduced in Senate to strengthen retirement savings. On Nov. 17, Senate Finance Committee Chair Orrin Hatch (R-UT) and Ranking Member Ron Wyden (D-OR) introduced the “Retirement Enhancement and Savings Act of 2016.” It would repeal the maximum age for traditional IRA contributions, authorize multiple employer-defined contribution plans and remove the 10% automatic enrollment safe harbor cap. It also would increase the credit limitation for small employer pension plan start-up costs and establish a new small employer automatic enrollment credit.
