AUSA Supports Bills to Help Spouses Save for Retirement
The Association of the U.S. Army is supporting legislation that would help spouses of active-duty troops save for retirement.
Introduced in both the House and the Senate, the Military Spouses Retirement Security Act would expand spouses’ access to retirement plans sponsored by their employers.
Under provisions outlined in the bill, small businesses—for example those with 100 or fewer employees—would be eligible for a tax credit of up to $500 a year for up to three years for every military spouse employee.
The businesses also would allow military spouses to participate in their retirement plan within two months of hire, be eligible for any matching or nonelective contribution available to similarly situated employees with at least two years of service and be 100% vested in all employer contributions.
Military spouse employment, and the challenges that come with moving every few years as a service member switches assignments, is an issue lawmakers and military leaders have continually discussed and worked to address.
Senior Army leaders have pledged to focus on the issue as one of five quality of life priorities for the service, and it is viewed as critical to retaining the talent the military needs in the ranks.
“We recruit the service member, we retain the family,” Marcus Beauregard, director of DoD’s state liaison office, said last fall.