WASHINGTON - U.S. Sen. Susan Collins is proposing legislation that would make it easier for small companies and employers to set up pension systems.
The Maine Republican says current laws and regulations make it difficult for employers to band together to offer retirement plans.
"What we are trying to do is to provide incentives for them to do so, to reduce the costs, to make it possible for them to join together," Collins says.
The legislation would provide tax credits of $1,000 a year per individual for low- and middle-income taxpayers, and streamline the regulations for the information of group retirement plans.
Collins says far too many Americans are retiring with only Social Security and finding that it is just not enough.
