Ways & Means Committee Passes Landmark Retirement Legislation
WASHINGTON, DC – This morning, under the leadership of Chairman Richard Neal (D-MA), the Ways & Means Committee passed H.R. 1994, the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019, legislation that expands opportunities for Americans to increase their retirement savings and improves the portability of lifetime income options from one plan to another. Rep. Ron Kind (D-WI), Ways & Means Committee Ranking Member Kevin Brady (R-TX), and Rep. Mike Kelly (R-PA) joined Chairman Neal in introducing the legislation.
“One of my top priorities as Chairman of this committee is to help workers of all ages prepare for a financially secure retirement,” said Chairman Neal. “Americans currently face a retirement income crisis, with too many people in danger of not having enough savings to maintain their standard of living and avoid sliding into poverty. The SECURE Act goes a long way in addressing this problem by making it easier for Americans to save. Passage of this bill is a tremendous bipartisan accomplishment, and I hope to see the measure move through Congress and be signed into law in short order. In particular, I’d also like to recognize Congressman Kind’s important contributions to this legislation; today’s success is the culmination of his years of work on this issue.”
Text of the legislation is available HERE.
A section-by-section summary is available HERE.