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.