Retirement Account For Every Child Born In WI: Proposal

Milwaukee WI

10 February, 2022

1:11 PM

Description

MILWAUKEE, WI — Children born or adopted in Wisconsin could get a retirement account from the state under a bipartisan proposal made Wednesday. Every birth certificate and court order for adoption made in the state would be sent to the Department of Employee Trust Funds to create a "401Kids" savings account for retirement, with the newborn or newly adopted child the beneficiary, the bill text said. Nearly one million Wisconsinites ages 18-64 don't have access to retirement savings plans through their employer, a report from the Task Force on Retirement Security showed. The task force was created by Gov. Tony Evers in 2019. The department would put $25 into the account, and the child would become the sole account owner when they turn 18, the bill text said. Patch has reached out to Rep. Evan Goyke (D-Milwaukee) and Rep. John Macco (R-Ledgeview), both cosponsors of the bill, for comment.