As of today, we are 257 days away from the 2020 presidential election. This election will have the potential to affect the retirement security for millions of Americans.
Below we’ve outlined the retirement security plans of all the major presidential candidates so you can compare where they stand on this important topic.
President Donald Trump (R)
- The incumbent running for re-election does not mention retirement issues on his campaign website, but during his current term he signed an executive order which “seeks a review of how required minimum distributions from 401(k) plans and individual retirement accounts are calculated, and for regulators to see how small businesses can more easily band together to offer retirement plans to their workers.”
- He also is considering an executive order that would encourage investment in stocks.
Former Vice President Joe Biden (D)
- Former Vice President Biden has proposed a few different options for strengthening retirement security. These include equalizing tax benefits from defined contribution plans, removing tax penalties for caregivers who want to save for retirement, and giving small businesses tax incentives for creating retirement plans.
Former Mayor Mike Bloomberg (D)
- Former Mayor Bloomberg’s main proposal is to create a public option retirement plan which would offer a retirement plan for workers who do not have a 401(k) or pension plan through their employer, which would be funded with automatic employer and employee contributions. The federal government would also match contributions from low-income workers.
Former Mayor Pete Buttigieg (D)
- Similar to former Mayor Bloomberg, former Mayor Buttigieg’s plan would create a public option 401(k) for workers who do not have a retirement plan through their employer. The main difference from former Mayor Bloomberg’s plan is that only the employer contributions are automatic under former Mayor Buttigieg’s plan. Workers will also have the option to save in a Rainy Day Account within the 401(k) that can be accessed without penalty.
Rep. Tulsi Gabbard (D)
- Rep. Gabbard’s website touts her support of H.R. 397, which would establish a Pension Rehabilitation Administration within the Department of the Treasury and establish a trust fund to shore up pension funding and regulate pension fund management.
Sen. Amy Klobuchar (D)
- Sen. Klobuchar proposes creating personal savings accounts that can be used for retirement, which would be funded through employers setting aside at least 50 cents per hour worked. She would also recommend within her first 100 days that the Treasury Department increase scrutiny on applications that would reduce retiree benefits under the Kline-Miller Multiemployer Pension Reform Act of 2014.
Sen. Bernie Sanders (D)
- Under Sen. Sanders’ plan, he would sign an executive order “to impose a moratorium on future pension cuts and would reverse the cuts to retirement benefits that have already been made.” This order would apply only to employees in multi-employer pension plans. Sen. Sanders would also make multi-employer pension plans solvent by trying to close tax loopholes.
Tom Steyer (D)
- Businessman Steyer’s website claims that he will try to “expand the earned income tax credit and retirement security programs.”
Sen. Elizabeth Warren (D)
- Sen. Warren would restore the Obama administration’s fiduciary rule, which was created to ensure financial advisors put their clients’ interests ahead of their own when it comes to making investment recommendations for retirement. The Trump administration delayed implementing the rule and did not defend it in court, allowing it to expire.
We hope this is a helpful guide on where all of the major candidates stand on retirement security issues – with the election this November, it will be here before we know it.