Congressman Steven Horsford Works to Increase Retirement Savings for Nevada Families

Press Release

NORTH LAS VEGAS, NEV. -- Today, Congressman Steven Horsford participated in a House Ways and Means Committee markup on the Securing a Strong Retirement Act of 2021 (SECURE Act 2.0), a bipartisan bill to increase retirement savings and simplify and clarify retirement plan rules.

"After working hard for decades, Nevadans deserve financial security when they retire. Instead, many of our seniors are struggling to survive on insufficient retirement savings. They deserve better." said Congressman Horsford. "I strongly support the SECURE Act 2.0, which will automatically enroll many working people in 401(k) and 403(b) plans and bolster their retirement savings. This bill takes critical steps to address the lower retirement plan enrollment by Black, Asian, Latinx and low-income populations, and helps all families build retirement wealth. I am glad to see the SECURE Act 2.0 pass through committee markup with bipartisan support, and hope to see it quickly come to the House floor for a full vote."

The SECURE Act 2.0 includes provisions that will:

Enable millions of workers to build wealth through automatic enrollment in employer-provided retirement plans. Research shows that automatic enrollment significantly increases participation in retirement plans, especially among young, lower-paid, Black, or Hispanic workers. Under the legislation, workers can opt out at any time, but most do not.
Increase tax incentives for small business owners who offer employer-sponsored retirement plans.
Permit employers to contribute to workplace retirement plans for workers who are repaying student loans instead of making individual retirement contributions.
Allow older workers to make larger "catch-up" retirement plan contributions as they approach retirement.
Allow more time for workers to save for retirement by increasing the age at which seniors must take minimum distributions from retirement accounts.

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