State lawmakers propose retirement saving plan for workers

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MADISON, Wis. (WMTV) - Two Republican state lawmakers are trying to help employers and their employees save for retirement.

The Re-vest Retirement Investment Plan would require companies with 25 or more employees who do not offer a retirement plan.

To sign employees up for the pilot program, employees can contribute any payroll deduction amount or opt out entirely. And there would be no employer contribution.

"Years ago Wisconsin created the successful Edvest savings account to help parents, grandparents save for the future of their children,” says state Rep. Jon Plumer (R-Lodi). “Revest would be a vehicle for people, who's employer's do not offer a retirement plan to begin saving for retirement through payroll deductions.”

A bill has not been drafted yet. Lawmakers hope this encourages people to invest in their retirement earlier in life.