Democrats want to make businesses contribute to retirement plans

[Yo_Mama_Been_Loggin]

Democrats aren't just pushing for a higher minimum wage. Now they're talking about "minimum retirement."

Sens. Chris Coons of Delaware and Amy Klobuchar of Minnesota planned to introduce a bill Thursday that would make companies contribute to employee retirement plans. Here's what the measure calls for:

Businesses would be required to pay at least 50 cents into an employee retirement plan for every hour worked.

To offset that cost, companies would receive a tax credit for a portion of those contributions.

-more-

https://www.msn.com/en-us/money/savingandinvesting/democrats-want-to-make-businesses-contribute-to-retirement-plans/ar-BBVCqNV?li=BBnbfcN

Since most companies no longer offer a defined pension this is not a bad idea.

[exboyfil]

1. $1,000/yr. for 40 hr/wk/52 wk worker

$15/hr worker is withheld at $3870/yr. for Social Security (employer/employee).

In a sense we have just increased the SS withholding rate and allowed workers to invest a portion of those funds. With the government credit, it is also contributing out of the general fund.

[gratuitous]

2. Make sure that plan is out of the employer's reach

That's what happened to far too many pension and retirement plans. The employer managed and administered their plans, and wouldn't you just know it: This beautiful yacht came on the market and J. Fred Moneybags didn't have the cash on hand to swing the deal. Until he noticed the pension fund, just sitting there like a plump sparrow. Cut to the end, when Moneybags is tooling around the bay on his yacht while his former employees scrounge on the beach. Appropriately, Moneybags christened the yacht "My Pension" so that when his former employees see it go by, they can say, "There goes My Pension."