Urge a Vote on Workplace Savings Plan

Good news! The Wisconsin State Legislature has taken a small first step towards helping people save for retirement.

A key Senate committee recently held a public hearing on Senate Bill 45, the Wisconsin Private Secure Retirement Act. This bill would help nearly 1 million Wisconsinites who don’t have access to any kind of retirement savings plan at work.

We know that people are 15 times more likely to save if they can do so via payroll deduction at work. This bill will set the stage to help more Wisconsin workers save their own money for retirement – plus the plan would be voluntary, portable and no risk to employers or state taxpayers.

The bad news is that the committee has not yet voted on the bill. That's where you can help!

Making it easier for Wisconsin workers to save their own money for retirement should be a priority. However, there is only a short amount of time for the legislature to act this session, and more action is needed. Senate Bill 45 deserves a vote!

We believe that if this legislation is passed, a feasibility study will show that it is easy for the state to help small businesses establish a basic retirement savings option for employees, who are set up with professionally managed investments.

The bill would make it easier for workers to build their own private retirement savings rather than having to depend on government programs.

Earlier this year, AARP unveiled a new survey entitled “ Building a Secure Financial Future in Wisconsin: Key Findings from an AARP Survey,” which showed that Wisconsinites are not confident they’ll have enough savings for retirement and likely to put off retirement as long as possible.

Almost half (42%) of this group indicate their employer does not offer a workplace savings play to employees such as a 401K or 403b. Nearly six in 10 (59%) say their employer does not offer the traditional pension plan.

Here’s the thing. Social Security simply isn’t enough to depend on in retirement and too many people don’t have a way to save at work. A workplace savings option would be all about choice and control. It would be up to you if you want to contribute to your account, and your account would follow you when switch jobs so you can continue to be in control of your future.

When workers have a way to save through their employer, their rate of retirement savings goes up exponentially. The results of our survey clearly show that most Wisconsinites not only haven’t saved enough for retirement, but would benefit greatly from a work-based savings option. We need to act now because there’s no time to waste in helping Wisconsinites save for their future!

Send your state Senator a message right now, urging him/her to ask Senate leadership for a vote on Senate Bill 45, the Wisconsin Private Secure Retirement Act.