Allred Votes to Expand Access to Retirement Accounts and End Harmful Tax Increases on Children and Gold Star Families

Press Release

Congressman Colin Allred (TX-32) today voted for the Setting Every Community Up for Retirement Enhancement (SECURE) Act. The bipartisan bill makes it easier for Americans to save more for a secure retirement and delivers tax relief to children and families, including Gold Star families, hit with unfair tax increases from the 2017 tax law.

"Everyone deserves to retire in dignity and this bipartisan bill will help small businesses and the workers who power them get access to retirement plans," said Allred. "Additionally, I'm pleased we could fix some of the harmful tax increases imposed on Gold Star families and children that were passed into law in 2017."

The SECURE Act:

Makes it easier for small businesses to offer retirement plans to their employees: As a result of this provision, which has the support of AARP, it is estimated that 600,000 to 700,000 new retirement accounts will be formed;
Requires employers to allow long-term, part-time workers to participate in their 401(k) plans and creates a small employer automatic enrollment credit: This provision creates a new tax credit of up to $500 per year to small employers to defray start-up costs for new 401(k) plans that include automatic enrollment;
Makes it easier for hard-working home health care workers to save more for retirement; and,
Eliminates the unexpected and unfair tax increases caused by the 2017 tax bill including on survivorship benefits of children in Gold Star families. This provision will also provide tax relief to others affected by the 2017 tax law's "kiddie tax" provision by fixing higher tax rates that were imposed on tribal government payments to children, certain scholarships and fellowship grants, payments made to children of fallen first responders and other payments to children.
These retirement security provisions in the bill are supported by numerous organizations, including AARP, SEIU, TIAA, National Association of Women Business Owners, the Women's Institute for a Secure Retirement, NTCA-The Rural Broadband Association, National Council of Farmer Cooperatives, Church Alliance, Girl Scouts, Boy Scouts of America, Air Line Pilots Association, American Council of Life Insurance (ACLI), and Leadership for Advanced Life Underwriting (AALU).

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