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How Democrats’ $3.5 trillion budget plan may boost retirement savings

Good news for those struggling to save for retirement may be on the way. House Democrats are including measures to help people prepare for the long term in their $3.5 trillion federal budget plan.

The House Ways and Means Committee on Tuesday released legislative proposals for portions of the budget dealing with strengthening retirement savings, as well as a slew of other programs to help American workers, children and the elderly.

The committee will begin a markup process on the proposals Thursday and Friday, Chairman Richard Neal, D-Mass., said in a statement.

"Later this week, the Ways and Means Committee will put an end to the idea that only some workers are worthy of 'perks' like paid leave, childcare and assistance in saving for retirement, and finally commit to investments that make these supports fixtures of the American workplace," Neal said. "We will also examine how we can commit resources to modernize a key trade program that supports American workers facing hardship due to international competition, and how to fund better protections for our nation's elderly."

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