Addressing the ‘retirement crisis’ | Northwest |

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Idaho Sen. Mike Crapo expects Congress to take action on several related bills this year to address what he calls a looming “retirement crisis” in America.

The Senate Finance Committee approved one of the bills last week.

Among other provisions, the Enhancing American Retirement Now, or EARN, Act gives small businesses greater incentives to offer retirement plans in the first place, and gives people greater flexibility in managing the funds.

Crapo, the ranking Republican on the committee, said about a third of private sector workers don’t have access to a company retirement plan, and only about half participate in such plans.

“People need better access,” he said. “There also needs to be some education and incentives so they’ll actually participate, and the plans need to be simple, effective and adequate.”


Addressing the ‘retirement crisis’ | Northwest |