Hillary eyes subsidized retirement accounts

Democratic presidential hopeful Sen. Hillary Rodham Clinton told an Iowa audience that her proposed retirement accounts would "take the best of 401(k) plans — and make it available to every working family in America."

By Donald Lambro
October 10, 2007
The Washington Times

Hillary Rodham Clinton proposed a national system of subsidized retirement savings accounts yesterday, aimed primarily at middle-income Americans who do not have pension plans, that would offer workers matching tax credits of up to $1,000 to encourage their participation.

The senator from New York and front-runner for the Democratic presidential nomination said her proposal would help millions of middle-class, working families who do not have access to automatic, direct-deposit retirement savings plans because they work for small businesses that cannot afford costly, tax-deferred 401(k) plans that offer matching employer contributions.

"I believe it's time for a new bargain with the American people — a bargain that reflects the changing global economy and the new realities of aging," Mrs. Clinton said in a speech in Webster City, Iowa, where she announced the details of her "American Retirement Accounts" plan. "I believe that if you work hard and contribute to our country, you should have the opportunity to save and invest."

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