Senate adopts amendment to promote retirement savings
WASHINGTON — The U.S. Senate has adopted an amendment, sponsored by Sen. Jeff Sessions, R-Mobile, that encourages Congress to promote retirement savings.
Sessions' amendment to the minimum wage bill currently under consideration calls for policies to bolster individuals' savings, according to a statement from Sessions' office Wednesday.
Also, Sessions will soon introduce legislation to create individual savings accounts for all Americans.
Under his proposal for "Portable, Lifelong Universal Savings Accounts," 1 percent of every paycheck plus a 1 percent employer match would automatically be deposited pre-tax into individual PLUS Accounts and invested in a new national 401(k)-type system beginning in 2009.
Sessions' legislation also would establish a savings account for every newborn U.S. citizen at birth and endow each account with $1,000, beginning in 2008.
"If my plan is enacted, it is within the grasp of every working American to retire a half-millionaire," Sessions said.
- Franklin Harris
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