By Brian Croce
Source: Pensions & Investments
A bill to give all Americans a portable retirement and investment account at the same time they receive a Social Security number was introduced in the House and Senate Wednesday.
The Portable Retirement and Investment Account Act of 2021, which would create universal, portable retirement and investment accounts that will be accessible to all Americans throughout their lives, was introduced by Rep. Jim Himes, D-Conn., and Sen. Mark Warner, D-Va.
“The current retirement system isn’t working for all Americans,” Mr. Himes said in a news release. “The options to which American workers have access can differ significantly based on their area of employment and the systems can be needlessly confusing. In addition, many Americans lose access to retirement savings vehicles if they lose their jobs, and gig, contract, and part-time workers are often ineligible. PRIA changes all of this.”