U.S. Representative John Katko introduced bipartisan legislation with U.S. Representative Kyrsten Sinema to support Upstate New York working families without burdening local businesses. The Working Parents Flexibility Act allows both men and women to save for their first year of parenthood using pre-tax income contributions to a Parental Savings Account. Funds can be drawn from this account tax-free within one year of giving birth to or adopting a child. Savings grow with compound interest and tax-free contributions, and left over funds can be rolled into a qualifying retirement fund.
Stella Penizotto, Co-owner of Shining Stars Daycare, Inc. - “I am in support of Congressman Katko's Working Parents Flexibility Act. This is a bill that addresses the needs of parents, employees and business owners. Parents should be able to stay home with their newborn or newly adopted child in those important first crucial months without the stress of how to make ends meet. Employees need an affordable way to put money aside to help accomplish this and the bill also provides alternatives if all the funds are not used such as rolling the funds into a college or retirement fund. Employers need a program that is not burdensome to implement and sustain. This bill addresses all of this! That is why I support John Katko's bill. His bill ‘thinks outside the box!’”
For complete details, see a recent press release from U.S. Representative John Katko.