Proposed Rules Aimed at Boosting 401(k)s

Proposed 401(k) legislation would encourage people to save more for their retirement, House Reps. Rob Portman and Benjamin L. Cardin said.

Portman, an Ohio Republican, and Cardin, a Democrat from Maryland, will introduce legislation that recommends changes to retirement plans, including raising the age at which people must withdraw from their IRA accounts.

Cardin said the proposed legislation would offer incentives for low- and moderate-income employees to participate in retirement plans and encourage companies to continue and expand their pension plans.