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IRI Backs 401(k) Mandate for Employers

Congressional support for retirement policies is at an all-time high.

By Nick Thornton | Updated on February 22, 2018

The Insured Retirement Institute is throwing its weight behind legislation that would require all but the smallest employers to sponsor 401(k) plans. The Automatic Retirement Plan Act of 2017, sponsored by Rep. Richard Neal, D-MA, would provide a “purely private sector solution” to the access gap in workplace retirement plans, said Lee Covington, senior vice president and general counsel at IRI, in a press call.

Rep. Neal’s bill requires all private sector employers with more than 10 employees to offer a defined contribution retirement plan. Covington said the mandate is prescribed “in a way to make it painless for small business owners.”

IRI’s support for the bill is laid out in the organization’s 2018 Retirement Security Blueprint, released Wednesday. Previous Blueprints from IRI, whose membership includes insurers, broker-dealers, and asset managers, have supported legislation advanced by Rep. Neal and others that would mandate enrollment in IRAs for workers without access to a retirement plan.

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