State Sen. David Hansen, D-Green Bay, and state Rep. Eric Genrich, D-Green Bay, introduced legislation Wednesday that would create a private pension plan for private workers, small businesses and farmers.
The Wisconsin Private Secure Retirement Act would require a separate board to create a plan similar to the Wisconsin Retirement System, according to a statement. Participants would fund the plan through small administrative fees.
The funding would “take the form of a loan that would be paid back by the plan and participants through a small administrative fee,” Hansen said in an emailed response.
Hansen said there are millions of Wisconsin residents who are not prepared for retirement.
“There is a retirement crisis in our country and Wisconsin is not immune,” Hansen said in the statement.
Genrich said the bill would give Wisconsinites an opportunity to have a “safe and secure retirement option.”
Although no Republicans have signed on, Hansen said he expects more support as the impact on government spending and taxes becomes more prevalent.
