SENATE MEASURE ADDRESSES RETIREMENT CRISIS

Posted on April 1, 2019

Both Chambers of Congress Strike Early with Bipartisan Legislation
to Help US Workers

WASHINGTON, D.C. – A bill to increase retirement savings opportunities for U.S. workers was introduced today by bipartisan leadership of the Senate’s tax-writing committee. The effort boosts chances for enacting a comprehensive retirement security measure into law this year, according to the Insured Retirement Institute (IRI), the leading trade association for the retirement income industry.

The Senate bill, the Retirement Enhancement and Savings Act (RESA), introduced by Senate Finance Committee Chairman Chuck Grassley (R-IA) and Ranking Member Ron Wyden (D-OR) is virtually identical to a House bill introduced earlier this year. The House measure was just amended last week with additional provisions to create a new measure, the Setting Every Community Up for Retirement Enhancement Act of 2019 or “SECURE Act.”  The SECURE Act is scheduled for a House committee vote tomorrow.

“Without a doubt, passing a strong, comprehensive retirement security measure this year is now well within reach,” said Paul Richman, IRI Chief Government and Political Affairs Officer.

Both the Senate and  House legislation contain several of the same common-sense measures that will help Americans by expanding opportunities to save for retirement; increase access to lifetime income products; help savers make more-informed decisions about their finances for retirement and enhance features of workplace retirement plans.

“Both the House and Senate are coming together in a bipartisan fashion to address the nation’s retirement crisis,” Richman said. “In today’s partisan environment, the fact that we have major legislation in both chambers of Congress with bipartisan support is a sign of significant commitment to get this done.”

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Contact: Dan Zielinski