Legislation would offer government incentives for retirement savings

Senate Finance Committee Ranking Member Ron Wyden, D-Ore., and six other Democrats are reintroducing an already twice-introduced bill that would give eligible workers a tax credit for contributions to their 401(k) plan or IRA, reports Investment News. The Encouraging Americans to Save Act would restructure the existing, nonrefundable saver’s credit into a refundable, government matching contribution of up to $1,000 a year for middle- and moderate-income workers who save through 401k or IRAs. The legislation also includes a COVID-19 recovery bonus credit.