S.1318, The Retirement Security Act of 2017 introduced by Sen. Susan Collins Would Modify Safe Harbor Requirements for Automatic Contributions and Allow Saver Credit on 1040-EZ

Susan M. Collins, R. Main, has introduced S.1383, The Retirement Security Act of 2017, which would modify safe harbor requirements for automatic contribution arrangements, allow taxpayers to claim the savers credit on Form 1040-EZ, and reform other retirement savings incentives.

“The bill aims to reduce the $7.7 trillion gap the Center for Retirement Research says exists between what Americans have saved and what they need to retain their standard of living after they retire.”

“‘As the chairman of the Senate Aging Committee, ensuring that more people are better prepared for retirement is one of my top priorities,’ Collins said.”

See text of proposed amendment and status by clicking here. 

Posted by Lewis J. Saret, Co-General Editor, Wealth Strategies Journal.

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