Congress Gets Serious About Retirement Saving

The U.S. Senate recently held a hearing for the Retirement Security and Savings Act, which would allow people with little savings to catch up, while also helping small businesses provide retirement plans to employees, reports MarketWatch . Sen. Ron Wyden (D-Ore.) on the Senate Finance Committee also unveiled legislation that would match a worker's student loan repayments to be fed into their employer-sponsored retirement account. "There's certainly momentum on this issue," said Kathleen Coulombe with the American Council of Life Insurers. The House is expected to vote on the Retirement Enhancement and Savings Act by the end of the month. The measure would expand auto-enrollment features, link small businesses together to offer retirement accounts, and define a fiduciary responsibility. Meanwhile, the Setting Every Community Up for Retirement Enhancement Act also is waiting for a House vote.