In July, Allianz Life reported that 59% of employers would consider adding an annuity to their plan if one was available. Some 73% of employer-sponsored participants said they would consider an option that offers protected income for life in their plan if available. Another 64% stated that market volatility caused by Covid-19 has increased their interest in adding an option that offers protected lifetime income.
The bill “is a reasonable next step for Congress to take on the road to help workers ease the anxiety they feel about their financial security during their retirement years,” Chopus said.
On the Medicare front, the bill would expand Medicare coverage to include dental, vision and hearing benefits, getting new vision and hearing services to beneficiaries in 2022 and 2023, respectively.
The measures would also expand workplace benefits by requiring employers to provide up to 12 weeks of universal paid family and medical leave for all U.S. workers. The bill would also raise the wages of childcare workers, who currently earn a median wage of $12.24 per hour and often live in poverty.