Senators offer bipartisan bill on retirement savings for grad students
A bipartisan group of senators on Monday offered legislation aimed at helping graduate students save for retirement.
The bill — from Sens. Elizabeth Warren (D-Mass.), Mike Lee (R-Utah), Ron Wyden (D-Ore.) and Tim Scott (R-S.C.) — would allow graduate students to put money from stipends and fellowships into tax-deferred individual retirement accounts (IRAs). Under current law, stipend and fellowship funds are not treated as compensation that can be deposited into an IRA.
“This bipartisan bill opens a door for students who want to do the right thing and start saving early for their futures,” Warren said in a news release. Warren and Lee previously introduced the bill last year.