A bipartisan measure is calling for the promotion and expansion of efforts to increase retirement savings and simplify and clarify retirement plan rules to help Americans successfully save for a financially secure retirement.
The “Securing a Strong Retirement Act of 2020,” builds on the “Setting Every Community Up for Retirement Enhancement Act of 2019” (H.R. 1994) to further improve workers’ long-term financial wellbeing.
“COVID-19 has only exacerbated our nation’s existing retirement crisis, further compromising Americans’ long-term financial security,” said Ways and Means Committee Chairman Richard E. Neal (D-MA), who sponsored the bill with Ranking Member Kevin Brady (R-TX). “In addition to meeting workers’ and families’ most pressing, immediate needs, we must also take steps to ensure their well being further down the road. This bill will help Americans approach old age with the confidence and dignity they deserve after decades of hard work and sacrifice.”
“Ensuring Americans have the resources they need for a prosperous retirement is a bipartisan priority,” Brady said. “Our legislation will make it easier for folks to save, protect Americans’ retirement accounts, and give workers more peace of mind as they plan for the future.”
