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Government

Shelbyville Rep. Pushing Small-Business Retirement Savings Bill

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A Shelbyville state representative is sponsoring legislation that aims to help Hoosiers save for retirement.

Rep. Sean Eberhart says upwards of 50-percent of all Hoosier workers don't have access to employer-sponsored retirement savings plans.

That's why he says he's sponsoring the "HERO," or Hoosier Employee Retirement Options, bill during the upcoming session of the Indiana General Assembly.

“You know, we currently have over a million Hoosier workers who don’t have access to an employer-sponsored retirement savings plan and so, this is an attempt to bridge that gap,” Eberhart says.

Eberhart says it's aimed at giving small businesses that don't have large human resources departments the needed infrastructure to help workers save money through payroll deduction.

He says it would simply create an online portal that will connect small employers to retirement savings programs that employers can choose.

Eberhart says AARP has surveyed such firms and found 75-percent of them don't offer retirement savings plans, but also found 85-percent of them would choose plans if they had the ability and infrastructure to do so.

“This plan is focused on businesses that have less than 100 employees. Seventy-five percent of those businesses do not offer a retirement savings plan,” Eberhart says. “This will make it easier for those businesses.”

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