Rep. Buchanan Retirement Measure Passes House Ways and Means Committee
Press Release| Allows Businesses to Join Together to Offer Retirement Plans
WASHINGTON – The House Ways & Means Committee today passed a sweeping retirement bill that includes Congressman Vern Buchanan’s (R-Fla.) bipartisan legislation to make it easier for businesses to offer retirement plans for workers.
“Today’s committee passage brings us one step closer to helping millions of hardworking Americans who enter retirement without adequate savings,” Buchanan said. “I’m 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.”
Previously introduced by Buchanan in the 114th and 115th Congresses, Buchanan’s Retirement Security for American Workers Act (H.R. 1907) allows businesses to join together in “multiple employer plans” (MEPs) to share the administrative burden and costs of offering a retirement plan. Buchanan’s bill was included in the SECURE Act, which passed the Ways and Means Committee with bipartisan support.
“Hopefully this will be the year my legislation goes to the President’s desk,” Buchanan said moments after the full bill was approved by the committee. “Congress needs to help Americans save for retirement.”
Paul Richman, chief government and political affairs officer at the Insured Retirement Institute, reiterated his support for the bill, stating, “Enactment of the Retirement Security for American Workers Act will be a critical step towards creating financial security during retirement. Revamping the rules and regulations to allow for MEPs to meet the needs and concerns of small employers will help to close the retirement coverage gap and improve the retirement outlook for millions of working Americans by expanding workers’ access to retirement plans.”
Ranking Member Kevin Brady applauded, “Representative Vern Buchanan…for [his] work on this important bill.”
According to USA Today, the average American has less than $4,000 in savings while nearly 60 percent of adults have less than $1,000 to their names.
Incredibly, up to 35 percent of private-sector workers over the age of 22 work for a company that doesn’t offer a retirement plan, while over 40 percent of millennials didn’t have access to an employer-sponsored retirement plan, according to the Pew Charitable Trusts.
Millions of American employees stand to benefit from expanding the availability of workplace retirement plans. In fact, the AARP has found that workers are 15 times more likely to save when they have access to a retirement plan.
Buchanan represents over 220,000 Social Security recipients in the nation’s eighth-oldest congressional district.