Build Back Better Reconciliation Bill Has a Surprise for Employers
Hidden in the “Build Back Better” Budget Reconciliation Bill is a section that could change the whole retirement system in the U.S. A retirement plan must be offered by employers with five or more employees and employers must enroll their employees automatically, contributing 6% of their earnings to retirement accounts. In year five, the automatic contribution would increase to 10% of pay. You would invest in a Roth IRA in a target-date fund, a mix …