Statement in Support of H.R. 1994, the SECURE Act
When only 39% of Americans have enough savings to cover an emergency costing $1,000, and when 67% of Americans say that they’ll outlive their retirement savings, Congress must act.
I join with over a dozen retirement and non-profit organizations to whole-heartedly support the SECURE Act because it makes long-overdue changes to help workers save for retirement.
- This bill makes it easier for small businesses to offer retirement plans.
- It gives retirement benefit opportunities to home health care workers, more than half of whom are women of color working for extremely little pay.
- It allows long-time, part-time workers to participate in 401(k) plans – which will help millions of women who disproportionately work part-time.
- It creates a small-employer auto-enrollment credit to make it easier for workers to participate in 401(k) plans and to grow the savings they need for retirement.
These are incredibly important improvements.
I am grateful that the bill repeals the harmful “kiddie tax” and Gold Star Family tax increases caused by the Republican Tax Law and I strongly support the SECURE Act, and I urge my colleagues to support it as well.