Politics & Government
"401Kids" Proposal Would Create Retirement Account For All Kids Born In Wisconsin
The state would put $25 into a retirement account the day a child was born or adopted in Wisconsin under a bipartisan proposal.
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.
Find out what's happening in Milwaukeefor free with the latest updates from Patch.
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.
Find out what's happening in Milwaukeefor free with the latest updates from Patch.
Get more local news delivered straight to your inbox. Sign up for free Patch newsletters and alerts.