Summary
This bill, known as the SAVE Act of 2015, aims to make it easier for small businesses to offer retirement savings plans to their employees. It would simplify the rules for "SIMPLE" IRAs by removing certain transfer restrictions and penalties for early withdrawals, while also allowing employers to contribute more to these accounts.
For workers, the bill would encourage automatic enrollment in retirement plans and provide new ways to transfer unused health flexible spending account (FSA) funds into retirement savings. Additionally, it seeks to improve financial literacy by developing new educational programs for students and providing clearer information to retirees about their lifetime income options.
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