One of my favorite workplace law reporters, Tyrone Richardson of Bloomberg Law, had two stories in the past week addressing the issue of Congress and the gig economy. They present two sides of the same coin when it comes to the possible action that our nation’s federal lawmakers might take with respect to gig workers and the companies that retain their services.
As an increasing number of workers continue to join the gig economy, it is increasingly imperative for lawmakers and regulators to create a new retirement system that allows for freelancers and individuals working for multiple businesses to easily save for retirement. Although the American workforce is changing, the traditional retirement system does not yet present an option for the changing workforce. Gig workers are currently not entitled to enjoy a traditional employer-based retirement plan because such plan are only permitted to cover employees and not independent contractors.