U.S. employees to be automatically enrolled in company retirement plans under new bill
New legislation working its way through Congress could improve retirement security for U.S. workers. The plan is part of a government spending bill, and it includes a provision that would automatic ally enroll eligible employees into their company's retirement plan. The hallmark of the legislation, called the Secure Act 2.0, would see companies enrolling workers in a 401(k) retirement plan, deducting at least 3% — but no more than 10% — of an employee's pretax earnings, which would be deposited into the 401(k) account. Employees could always opt out of the program. The legislation would also allow employers to factor in employees who make student loan payments when considering 401(k) contributions. And it would provide tax incentives for small businesses — the vast majority of firms in the U.S. — to begin offering 401(k) plans by increasing the tax write-offs available to those businesses for offering access to a retirement plan. "It will deliver billions in additional...