CONGRESSMAN JOE MORELLE VOTES TO STRENGTHEN RETIREMENT SECURITY

Statement

Today, Rep. Joe Morelle announced the House of Representatives has passed the Securing a Strong Retirement Act--bipartisan legislation he sponsored to bolster and protect retirement savings.

"In the wake of this pandemic, many are struggling to rebuild their savings," said Congressman Joe Morelle. "This bipartisan legislation takes common-sense steps to strengthen working people's financial future as they recover from the challenges of the last two years. The Securing a Strong Retirement Act will help realize the promise of a well-earned retirement by improving access to retirement savings programs and increasing families' savings."

At the height of the pandemic, nearly one in four Americans either stopped contributing to their retirement accounts or withdrew from their savings. Passed by the House with an overwhelmingly bipartisan vote, this legislation helps individuals save for retirement by:

Expanding automatic enrollment in 401(k) and 403(b) retirement plans.
Strengthening coverage for part-time workers in 401(k) plans.
Encouraging small businesses to offer retirement plans.
Increasing and modernizing the Saver's Credit to reward retirement contributions.
Raising the required minimum distribution age to 75, giving people more time to save for retirement.

Source