Setting Every Community Up for Retirement Enhancement Act of 2019

Floor Speech

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Mr. SCHNEIDER. Madam Speaker, I rise in strong support of the SECURE Act.

A secure and dignified retirement is a critical part of the American Dream, but for too many seniors, this aspiration is falling increasingly out of reach.

I am pleased that this House is taking action today in response. Our bill will help more Americans save for retirement by allowing workers to participate in 401(k) plans.

Additionally, the legislation makes it easier for small businesses to offer retirement plans to their employees and help small businesses set up automatic enrollment programs. It replaces antiquated barriers slowing the adoption of multiemployer plans and improves the quality of service providers.

The AARP estimates that these changes will lead to more than 700,000 new retirement accounts.

Finally, as we approach Memorial Day and reflect on the ultimate sacrifice made by fallen servicemembers and their families, I am pleased this legislation fixes a provision in the 2017 Republican tax law that increased taxes on survivor benefits paid by families. Our Gold Star families already deal with the unimaginable loss of a loved one; they should not also be facing a tax increase.

Madam Speaker, I am so proud this legislation was a bipartisan effort in the Ways and Means Committee, and I urge my colleagues to support this important bill to improve retirement security.

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