Aliya Wong
Former Executive Director, Retirement Policy


December 17, 2018


Earlier this year, Senator Hatch introduced the Retirement Enhancement and Savings Act of 2018. Despite being a bipartisan billwith similar legislation introduced in the House, Congress has not been ableto bring this over the finish line. As we get down to the final days of the 116th Congress, we urge both the Senate and the House to pass this bipartisan retirement legislation.

Specifically, we call on Congress to pass the following provisions:

  • Open Multiple Employer Plans –Eliminating the commonality requirement and “one bad apple” rule to allow small employers to band together to offer retirement plans.
  • Nondiscrimination Rules for Frozen Defined Benefit Plans - Modifying the nondiscrimination rules with respect to closed plans to permit existing participants to continue to accrue benefits.
  • Fiduciary Safe Harbor for Selection of Lifetime Income Provider – Providing an optional safe harbor for fiduciaries to satisfy the prudence requirement with respect to the selection of insurers for a guaranteed retirement income contract.
  • Increase Small Employer Pension Plan Start-Up Costs – Providing greater incentive for small businesses to implement retirement plans.
  • Small Employer Automatic Enrollment Credit – Creating a new tax credit to encourage small employers to offer automatic enrollment.
  • Repeal of Maximum Age for Traditional IRA Contributions – Allowing individuals to continue contributions beyond age 70 ½.
  • Remove Automatic Enrollment Safe Harbor Cap – Allowing for increased deferrals under safe harbor plans.
  • Simplify Safe Harbor 401(k) Rules – Eliminating unnecessary administrative requirements.

Enacting these provisions will enhance the current employer-provided retirement system and provide greater retirement security for American workers. The Chamber urges Congress to pass these retirement provisions before the end of the 116th Congress.

About the authors

Aliya Wong

Aliya Wong was the Executive Director of Retirement Policy at the United States Chamber of Commerce.