A group of Republican senators recently urged colleagues to pass legislation they said is designed to expand retirement plan access for millions of Americans.
Sen. Tim Scott (R-SC) recently joined Sens. Susan Collins (R-ME), Joni Ernst (R-IA), Cory Gardner (R-CO) Rob Portman (R-OH), Martha McSally (R-AZ) and Thom Tillis (R-NC) in forwarding correspondence to Senate Majority Leader Mitch McConnell (R-KY) espousing the benefits of the Setting Every Community Up for Retirement Enhancement Act, or SECURE Act.
“This legislation would allow older workers and retirees to contribute more to their retirement accounts, increase 401(k) coverage to part-time employees, prevent as many as four million people in private-sector pension plans from losing future benefits, protect 1,400 religiously affiliated organizations whose access to their defined contribution retirement plans is in jeopardy, and do the right thing for Gold Star families,” the legislators wrote.
Bill proponents maintain the legislation would aid in addressing what they deemed the nation’s retirement crisis and help workers of all ages invest and save for their futures.
The measure gained House passage by a 417-3 margin, officials said, noting it would benefit not only the nation’s elderly but also Gold Star families, apprenticeship program participants, low-income scholarship recipients, and children of fallen first responders.