by Andrew Mangione – Signing off on our first piece of legislation this month, AMAC is proud to announce support for S.1270, the “Secure Annuities for Employee Retirement Act of 2013,” or “SAFE Act.” This bill – introduced by an ardent champion of senior’s issues, Sen. Orrin Hatch (R-UT) – addresses critical concerns necessary to secure retirement savings for millions of hard-working Americans. Through a series of simple public and private reforms to current pension plans, S.1270 helps people bridge the gap between work and retirement. S.1270 establishes a Starter 401(k) that acts as a new, private mechanism through which businesses can encourage employees to save money, and the SAFE Retirement Plan eliminates pension plan underfunding so that state and local governments can more securely deliver retirement benefits. With 40 percent of AMAC members still working and 51 percent of businesses offering no pension plan whatsoever, S.1270 is crucial to helping workers prepare adequately for retirement. As an ongoing advocate for the responsible reform of pensions, AMAC emphatically endorses the S.1270, SAFE Act of 2013.
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