The Senate Finance Committee unanimously advanced the Retirement Security and Savings Act, sponsored by U.S. Sens. Rob Portman (R-OH) and Ben Cardin (D-MD).
The bill, S. 1770, would help small businesses offer retirement plans, expand access for low-income Americans, and allow people to save more for retirement. It passed in the committee 28-0 and now moves to the full Senate for a vote.
“Today’s unanimous committee vote is another important step in strengthening Americans’ retirement security. At a time when bipartisanship is hard to come by, I am grateful the Senate Finance Committee voted unanimously to make it easier for Americans to save for their retirement,” Portman said. “As the economy deals with the effects of the worst inflation in nearly 40 years, working families need all the help they can get when it comes to saving for the next chapter in their lives and Congress is one step closer to making that possible after today.”
In March, the House passed a similar bill, the Securing a Strong Retirement Act, by a vote of 414-5. This House bill has a significant overlap with the Cardin-Portman bill.
“Helping more Americans save for retirement is a bipartisan effort. I’m proud of the unanimous vote today for this important legislation that builds on the Retirement Security and Savings Act authored by Senator Rob Portman and I. By working together and engaging our colleagues and a wide range of stakeholders, we have a stronger bill today that we hope will be on a fastrack to the president’s desk for signature into law,” Cardin said. “For 30 years, I have worked across the aisle with Rob Portman on retirement security issues. We’ve made real progress over the years, but we have a long way to go to increase the pension and savings rate for Americans and increase opportunities for more Americans to access the retirement system, particularly for lower-wage workers, workers at small businesses and women. We want more Americans engaged in saving for their future, and this legislation strengthens and expands the tools available to reach that goal.”
Cardin and Portman are hopeful to have this legislation signed into law by the end of the year.