Posted on April 2, 2019

Contact: Dan Zielinski

House Committee Passes Legislation to Expand Worker Access to Retirement Plans

WASHINGTON, D.C. – A House committee today advanced a significant, bipartisan measure to address a looming crisis due to limited to non-existent retirement savings opportunities for millions of American workers.

The Insured Retirement Institute, the leading trade association for the retirement income industry and proponent of the legislation, hailed the milestone.

“Whatever partisan divides exist in politics today, Democrats and Republicans showed today that they can come together to advance policies to benefit American workers,” said Wayne Chopus, IRI president and CEO. “This legislation will expand employee access to workplace retirement plans and will make it easier for plans to offer lifetime income options.”

The bill was negotiated among House Ways and Means Committee Democrats and Republicans. Committee Chairman Richard Neal (D-MA), Ranking Member Kevin Brady (R-TX), Rep. Ron Kind (D-WI) and Rep. Mike Kelly (R-PA) led efforts to produce the Setting Every Community Up for Retirement Enhancement Act of 2019 or “SECURE Act.” 

The SECURE Act contains several common-sense measures to help Americans by expanding opportunities to save for retirement; increasing access to lifetime income products; helping savers make more-informed decisions about their finances for retirement and enhancing features of workplace retirement plans.

“We are grateful to Chairman Neal and Representatives Brady, Kind, and Kelly for their steadfast leadership to negotiate this critical legislation and shepherd its passage through the Committee,” Chopus said. “We look forward to working with each of them to move this legislation quickly to the House floor.”

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