Bipartisan Group of Ways & Means Members Announce Introduction of Landmark Retirement Legislation
WASHINGTON, DC – Today, Ways & Means Committee Chairman Richard Neal (D-MA), Rep. Ron Kind (D-WI), Ways & Means Committee Ranking Member Kevin Brady (R-TX), and Rep. Mike Kelly (R-PA) introduced landmark legislation to strengthen Americans’ long-term financial security. The Setting Every Community up for Retirement Enhancement (SECURE) Act of 2019 expands opportunities for Americans to increase their retirement savings and improves the portability of lifetime income options from one plan to another.
“With this legislation, we’re taking bold, bipartisan action to address our nation’s retirement crisis,” said Chairman Neal. “Providing more, and easier, ways to save allows workers to actively plan for their futures and avoid falling into poverty later in life. Boosting Americans’ financial security in retirement supports families and strengthens our economy.”
“The evidence is clear – retirement security remains out of reach for too many Americans. The SECURE Act is an important, bipartisan step forward for working families to achieve their goals in retirement,” said Rep. Ron Kind.
“We are creating opportunity for workers across the country with this bipartisan legislation to help them make their own decisions about their finances and retirement,” said Ranking Member Brady. “Our reforms will help families save more and earlier for the future, ensuring folks have the flexibility and control over their own savings they need for whatever life throws their way. I want to thank Rep. Mike Kelly, Chairman Neal, and Rep. Ron Kind for their leadership on this important legislation – I look forward to advancing these measures soon.”
“I am proud to be a co-author of this legislation that will help Americans achieve financial security during their golden years,” said Rep. Kelly. “Thank you to Chairman Neal, Ranking Member Brady, and Representative Kind for working with me on this bill to offer Americans more options to save for retirement. Allowing workers to keep more of their hard-earned money and encouraging them to invest in their futures is a win-win for retirees and their families and I look forward to this bill moving toward passage.”
A section-by-section summary is available HERE.
Text of the bill is available HERE.