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A wise reminder from the old Aesop Fable and it appears Congress is indeed moving forward with pragmatic plans to help Americans improve their retirement savings prospects. Programs such as 401(k)s and IRAs were created to incentivize employees to save for the future but many folks find the products too complicated, intimidating or not available.
This is bipartisan retirement security legislation, the Setting Every Community Up for Retirement Enhancement (SECURE) Act, H.R. 1994. The SECURE Act was introduced by House Ways and Means Committee Chairman Richard Neal (D-Mass.) as well as Rep. Ron Kind (D-Wis.), Ways and Means Committee Ranking Member Kevin Brady (R-Texas) and Rep. Mike Kelly (R- Pa.).
The effort includes important measures from a bill, the Retirement Enhancement and Savings Act, that was introduced in the previous Congress. This bill, however, didn’t make it out of committee.
So let's outline just a few of the major points of H.R. 1994 legislation and track progress over the weeks ahead.
Moving quickly to accomplish the goal of helping Future seniors better save for retirement is absolutely essential.
This legislation may not provide all the necessary comprehensive reforms, but it does begin a conversation in the 116th Congress on how to address obvious gaps in retirement legislation that need improvement. We will stay focused on encouraging a, hopefully bipartisan, resolution of this process if the SECURE Act moves forward.