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Collins helps propose bill to help military spouses save for retirement

Collins helps propose bill to help military spouses save for retirement

Photo: clipart.com


U.S. Sens. Maggie Hassan of New Hampshire and Susan Collins of Maine are part of a group that’s introduced a bill that would help spouses of active duty military service members save for retirement.

The bill would do this by by expanding access to employer-sponsored retirement plans for spouses of military members.

Hassan, a Democrat, said given how frequently many military families move in service to our country, saving for retirement can often be a difficult task.

Under the bill, businesses with 100 employees or fewer would be eligible for a tax credit of up to $500 per year per military spouse.

To receive the credit, small employers must make military spouses immediately eligible for retirement plan participation within two months.

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