Florida Rep. Vern Buchanan is shifting his focus to help offer employees of small businesses better retirement benefits.
He reintroduced his proposal, the “Retirement Security for American Workers Act” that was first introduced two years ago. When initially describing the goal of the legislation years ago, Buchanan informed that the bill “makes it less costly for small businesses to offer retirement benefits, and could help the more than 76 million Americans who work for companies that do not offer the opportunity to save for a secure retirement.”
In addition, it would allow small businesses to work in tandem in “multiple employer plans” that Buchanan argues will lead to costs lowering and making more businesses offer retirement benefits.
At the end of 2018, the bill cleared the House as part of bigger legislation, Republican Congressman Mike Kelly’s “Family Savings Act,” but the bill did not make it past the U.S. Senate.
One cosponsor on that legislation was Florida Rep. Francis Rooney.
However, in introducing it again, Rep. Buchanan is looking to make a more effective push this time around in order to ensure that small business employees get benefits for their work and contributions.
Earlier this week, Buchanan shared his thoughts on the legislation, saying that “unfortunately, too many hardworking Americans enter retirement without adequate savings.” Moreover, “it is imperative we provide as many resources as possible to help folks prepare for their golden years and invest in their future.”
Buchanan also asserted that “the American people need improved access to retirement savings.” And, in order for that happen, “Congress should approve this bipartisan legislation and help retirees reach a stronger state of financial stability.”
As with the initial introduction, Democratic Rep. Ron Kind is the main cosponsor, and the bill was directed to the U.S. House Education and Labor and the Ways and Means Committee, which Buchanan is a member of.
There is no counterpart in the U.S. Senate.