Barack Obama and Joe Biden's Campaign Promise

Women

Economic Issues



Encouraging Retirement Saving:

Average 1.0 (2 votes)



    1. Create Automatic Workplace Pensions: The Obama-Biden retirement security plan will automatically enroll workers in a workplace pension plan. Under this plan, employers who do not currently offer a retirement plan, will be required to enroll their employees in a direct-deposit IRA account that is compatible to existing direct-deposit payroll systems. Employees may opt-out if they choose. Experts estimate that this program will increase the savings participation rate for low and middle-income workers from its current 15 percent level to around 80 percent. 2. Expand Retirement Savings Incentives for Working Families: Obama and Biden will ensure savings incentives are fair to all workers by creating a generous savings match for low and middle-income Americans. His plan will match 50 percent of the first $1,000 of savings for families that earn less than $75,000. The savings match will be automatically deposited into designated personal accounts. Over 80 percent of these savings incentives will go to new savers.