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Senator Peterson urges consideration of state-facilitated retirement savings plan
Summary
Senator Peterson said a bill to create a state-facilitated retirement savings plan is active in the State Government Committee and urged subcommittee members to consider it before the March 7 funnel deadline.
Senator Zachariah Peterson (Polk) used an appearance on the Senate floor to urge colleagues to consider legislation establishing a state-facilitated retirement savings program.
Peterson said the proposal is already “a live bill in state government” and that the funnel deadline is March 7. He described similar programs already in place in several other states, both “blue and red,” and said they make it easier for small businesses and individuals to save for retirement.
“All of the states that are starting these retirement saving funds are finding out that people in their states want to have an ability to save for their retirement,” Peterson said. He added, “We have far too many Iowans that are heading into retirement that don't have 2 nickels to rub together.” Peterson urged members assigned to the subcommittee to consider the bill and described the policy as bipartisan: “This is not a democratic or republican. This should not be partisan.” He also suggested lawmakers speak with Senator Kreinbrink about the importance of starting to save early.
Peterson illustrated the point with an anecdote about a college intern who attended a 401(k) discussion early in his career and later benefited from starting to save early. Peterson did not detail the bill number, specific plan design, or funding mechanisms on the floor; he said those matters are under consideration in the committee. No formal vote or committee action occurred during the floor remarks.
