Last week, Florida Republican Rep. Vern Buchanan reintroduced his “Retirement Security for American Workers Act.” Though he initially introduced it in 2017, the bill passed through the House as part of Republican Rep. Mike Kelly’s “Family Savings Act,” but it did not clear the Senate soon after.
Commenting on the bill in 2016, 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.”
Moreover, the bill also allows businesses to work in tandem in “multiple employer plans,” which Buchanan argues will lower costs and make more businesses offer retirement benefits.
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Now, the bill has found new life as part of the “Setting Every Community up for Retirement Enhancement (SECURE) Act,” which allows for easier annuities in 401(k)s and 403(b)s while raising the age for taking required minimum distributions (RMDs) from 70.5 to 72.
The SECURE Act was introduced by Democratic Rep. Richard Neal who is the chairman of the House Ways and Means Committee.
Sharing his thoughts on the legislation getting through the committee, Buchanan expressed that the “committee passage brings us one step closer to helping millions of hardworking Americans who enter retirement without adequate savings.”
Buchanan also noted that he is “optimistic the full House will take up this important bill in the near future to help folks prepare for their golden years and invest in their future.”
He said that he hoped “this will be the year my legislation goes to the president’s desk” because “Congress needs to help Americans save for retirement.”
It should also be noted that there is a similar counterpart bill in the U.S. Senate. Which Iowa Republican Senator Chuck Grassley introduced.