House committee advances legislation seeking to bolster retirement savings

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The House of Representatives Ways & Means Committee has advanced the Securing a Strong Retirement Act of 2021, noting the measure expands opportunities to increase retirement savings.

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Additionally, lawmakers indicated the effort bolsters workers’ long-term financial well-being and compliments the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019 signed into law last Congress.

“The retirement crisis in America is real and will only get worse without easier pathways to saving and encouraging workers to start planning for retirement earlier in life,” Committee Chairman Rep. Richard E. Neal (D-MA) and Ranking Member Rep. Kevin Brady (R-TX) wrote in a joint statement. “This legislation expands automatic enrollment, simplifies many retirement plan rules, and strengthens small businesses’ ability to offer workplace retirement plans, to make it easier for Americans to plan for their golden years.”

The Securities Industry and Financial Markets Association (SIFMA) recently extended gratitude to lawmakers for advancing the bill.

“The American retirement system has helped millions of Americans prepare for a secure future,” SIFMA President and CEO Kenneth E. Bentsen, Jr. said. “SIFMA believes the Securing a Strong Retirement Act of 2021 takes important steps toward enhancing the private retirement system and increasing retirement savings, including provisions that will incentivize small businesses to offer retirement plans, enable older Americans to save more, and hold on to their savings longer, and help young people to save while paying off student loan debt.”

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