Bill Aims to Turn Part-Timers Into Investors

A bill on The Hill aims to help part-time employees prepare for retirement, Pensions & Investments reports.   The Women’s’ Retirement Security Act of 2007 would require employers to open their 401(k) or deferred compensation retirement accounts to the ranks of part-time workers. Companies that do not sponsor such plans would be required to allow employees to earmark a portion of their pay to an Individual Retirement Account (IRA). Although the bill would apply to all employees, the motivation behind it is to help women, who often have less linear career paths than men, according to a statement from one of the bill’s co-sponsors, Sen. Gordon Smith (R-Ore.).  “Unfortunately, due to unique circumstances women face in their lifetime, the current pension structure makes it more difficult to prepare for retirement,” said Smith in a release. “It is important that we remove barriers,” he said. Other sponsors include Sens. John Kerry (D-Mass.), Kent Conrad (D-N.D.), Jeff Bingaman, (D-N.M.) and Olympia Snowe (R-Maine). The staff of Money Management Executive ("MME") has prepared these capsule summaries based on reports published by the news sources to which they are attributed. Those news sources are not associated with MME, and have not prepared, sponsored, endorsed, or approved these summaries.  

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