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Ways and Means Committee Continues Bipartisan Tradition with Passage of Landmark Retirement Legislation

May 05, 2021

WASHINGTON— This morning, under the leadership of Top Republican Leader Kevin Brady (R-TX) and Chairman Richard E. Neal (D-MA), the Ways & Means Committee passed H.R. 2954, the Securing a Strong Retirement Act of 2021. This legislation expands opportunities for Americans to increase their retirement savings, improves workers’ long-term financial wellbeing, and builds on the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019 that was signed into law last Congress.

“The retirement crisis in America is real, and will only get worse without easier pathways to saving and encouraging workers to start planning for retirement earlier in life,” said Rep. Brady and Chairman Neal. “This legislation expands automatic enrollment, simplifies many retirement plan rules, and strengthens small businesses’ ability to offer workplace retirement plans, to make it easier for Americans to plan for their golden years. Passage of this bill is a tremendous bipartisan accomplishment and a feat for our entire committee—we are grateful to all of the members who had a hand in crafting this legislation. We are now one step closer to improving Americans’ financial security, and hope to see this measure move through Congress and be signed into law in short order.”

A section-by-section summary of the bill can be found HERE.

Full text of the legislation is available HERE.

Rep. Brady’s remarks can be found HERE.