CONCORD, N.H. (AP) — US. 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 by expanding access to employer-sponsored retirement plans.
“Given how frequently many military families move in service to our country, saving for retirement can often be a difficult task,” Hassan, a Democrat, said in a statement Wednesday.
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. The credit would be available for three years per spouse.
To receive the credit, small employers must make military spouses immediately eligible for retirement plan participation within two months. Upon plan eligibility, a military spouse must be eligible for any matching or non-elective contribution available to a similarly situated employee with at least two years of service, and must be 100% immediately vested in all employer contributions.
The bill will “help to strengthen the financial security of these unsung heroes of our country’s national defense,” Collins, a Republican, said.
Sens. James Lankford, a Republican from Oklahoma, and Michael Bennet, a Democrat from Colorado, also helped introduce the bill.
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