The Delaware Senator’s proposal would require employers that do not sponsor retirement plans to allow employees to make direct deductions into Individual Retirement Accounts (IRAs), and to make retirement plans more portable by automatically rolling over 401(k) plan, according to an announcement on Biden’s campaign Web site.
In addition, as President, Biden said he would invest $500 in a Kid’s Account for every American child born after December 31, 2008. Biden also reaffirmed his commitment to protect Social Security, not privatize it.
“America needs to keep its promise to seniors and those planning for the future by making it easier to save and strengthening important programs like Social Security,” said Biden, in the announcement. “Financial security – independence and a decent standard of living − is rapidly becoming a thing few feel confident they will have when they retire. The American promise that no one who works hard their whole life should end up with nothing is in jeopardy. We need to make it clear to all Americans that they can trust that their lifetime of hard work will be rewarded and protected.”