U.S. Chamber designs plan to increase retirement savings by Americans

Many Americans have not been saving enough for retirement, and the U.S Chamber says it has a plan to fix it.

In response to the news that many Americans have not been taking advantage of retirement plans offered at their workplaces, the Chamber has some suggestions to encourage workers to invest in their retirements.
  
Their legislative roadmap has some suggestions for Congress and the White House including allowing small businesses the opportunity to have Multiple Employer Plans; expanding the small business tax credit in an effort to encourage small business owners to implement retirement programs; simplifying compliance testing and streamlining notice requirements; and helping workers save through education efforts.

However, the Chamber said the idea to allow states to run their own retirement savings programs with an exception from the protections offered by the Employee Retirement Income Security Act was a bad idea. It also criticized the Obama administration's Fiduciary Rule.

The Chamber’s Center for Capital Markets Competitiveness Vice President Alice Joe and the Executive Director of Retirement Policy Aliya Wong participated in a Facebook Live chat on the Chamber’s account regarding the state of the country’s retirement policies on March 16.