Obama Expands Workers' Retirement Options

VOA.COM
U.S. President Barack Obama has announced new initiatives designed to make it easier for Americans to save for retirement. In his weekly national radio and Internet address, Mr. Obama noted the "painful toll" the global economic downturn has had on "retirement security."He said the government will make it easier for small companies to set up retirement savings plans in which all workers are automatically enrolled, unless they ask to be omitted.The government will also begin allowing people to check a box on their federal tax returns asking that any refund be sent as a savings bond. another new option will make it possible for workers when leaving a job to put payments for unused vacation and sick days into their retirement account, rather than taking it in cash.The president said the Internal Revenue Service and the Treasury Department are creating an easy-to-follow manual, as well as a Web site, to help people navigate the "complicated waters" of changing jobs and continuing their retirement savings. Mr. Obama said the "common-sense changes," will help families put away money for the future. He said "tens of millions" of families have not been able to put away enough money for a secure retirement.