A pair of senators have introduced bipartisan legislation aimed at expanding the use of S corporation employee stock ownership plans, or S ESOPs, to encourage more Americans to save for retirement.

The bill, introduced by Sen. Ben Cardin, D-Md., a member of the Senate Finance Committee, along with Sen. Pat Roberts, R-Kan., aims to help more Americans gain retirement savings and security through private employee ownership. A survey released in March by the Employee Benefit Research Institute found that 28 percent of Americans have no confidence they will have enough money to retire comfortably—the highest level in the study's 23-year history.

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