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Hidden In The Reconciliation Bill: A Retirement Plan Mandate That Will Take Most People by Surprise: Elizabeth Bauer

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Susan Lee Schwartz
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"Readers, I am embarrassed to admit that a radical change to our retirement system, tucked into the “Build Back Better” Budget Reconciliation bill, wholly escaped my notice until just recently. As explained by Ashlea Ebeling, also at Forbes,  “Under the proposal, starting in 2023, employers with 5 or more employees would have to offer a retirement plan & automatically enroll employees, diverting 6% of their pay to a retirement account. An automatic escalation clause would increase the automatic contribution to 10% of pay by year 5. The default plan would be a Roth IRA invested in a target-date fund, a mix of investments based on your expected retirement year.“For employers, it’s a mandate. They would have to offer the plans. Employees would be able to opt out.”

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I began teaching in 1963,; Ba and BS in Education -Brooklyn College. I have the equivalent of 2 additional Master's, mainly in Literacy Studies and Graphic Design. I was the only seventh grade teacher of English from 1990 -1999 at East Side (more...)
 

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