Obama to workers: We'll help you save for retirement (all voluntary)

[Peacetrain]

WASHINGTON (CNNMoney.com) -- President Obama on Saturday announced changes that the IRS plans to make to encourage workers to save more of their paychecks.

"Even before this recession hit, the savings rate was essentially zero, while borrowing had risen and credit card debt had increased," Obama said in his weekly radio and Internet address. "More broadly, tens of millions of families have been, for a variety of reasons, unable to put away enough money for a secure retirement. ... We cannot continue on this course.


I really like this idea.. it will help me for sure..

Sick days and vacation time become 401(k) money: To make it easier for workers to rack up savings, the White House will make it easier for employers to convert (or allow workers to convert) unused vacation and sick leave pay into 401(k) contributions.

http://money.cnn.com/2009/09/05/news/economy/Obama_retiremetn/index.htm?postversion=2009090506

[haele]

1. That might be a good thing if they're stuck with "use it or lose it" leave -

Especially if you have sick leave that can't be converted, like certain state jobs or contracts have in place.
However, chances are if they get cash-out at the end of the year for excess leave, most employees would rather take the cash.

Haele

[Peacetrain]

2. I have that clause in my work package.. so this would be a boon to me

:hi: