Today, Representative Burgess Owens (UT-04) co-sponsored the Military Spouses Retirement Security Act, bipartisan legislation introduced by Representatives Brad Wenstrup (OH-02) and Jason Crow (CO-06) to help spouses of active duty servicemembers save for retirement by expanding access to employer-sponsored retirement plans.
“America is the home of the free because of our brave men and women in uniform who have answered the call to serve in Utah, across the country, and abroad,” said Rep. Owens. “I’m a proud supporter of this bipartisan legislation to help alleviate the financial toll active duty can take on Utah’s military families and their retirement security.”
Under the Military Spouses Retirement Security Act:
Small employers with 100 employees or fewer would be eligible for a tax credit of up to $500 per year per military spouse.
The credit would be available for three years per military spouse.
The amount of the credit would be equal to $250 per military spouse plus 100 percent of all employer retirement contributions for that spouse, up to $250.
Small employers must make a military spouse immediately eligible for retirement plan participation within two months of hire.