Lawmakers have proposed a federal retirement savings plan akin to a 401(k). Researchers say the law could hurt a majority of American workers.
The bipartisan legislation, introduced to Congress in 2023, would create a federal workplace retirement account for workers, similar to a 401. Like other workplace retirement accounts, this plan would come with tax advantages and give investors the choice to invest in a menu of mutual funds, including target-date and index funds.
young working Americans. Researchers say the majority of working Americans would be better off with the current system. And while certain workers without access to a 401 currently stash savings in an individual retirement account, many would be less likely to do so if defaulted into a government plan, says Spencer Look, associate director of retirement studies at Morningstar Retirement and the study's co-author.
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