Larson Votes to Strengthen Retirement Security
Washington, D.C. – Today, Rep. John B. Larson (CT-01) voted for Securing a Strong Retirement Act of 2022. The legislation was crafted in the Ways and Means Committee, on which Larson sits.
Click here to Rep. Larson’s floor remarks.
"The Securing a Strong Retirement Act of 2021 is a great step forward to strengthening Americans’ retirement security and I commend Chairman Neal for his leadership. This bill will improve American’s retirement security by automatically enrolling employees in their company’s 401(k) plan, making it easier for student loan holders to contribute to their 401(k) plan, and more.
"It is also why it is critical that we work next to strengthen and expand Social Security,” said Larson. “The average Social Security benefit is $18,000. This is simply not enough for beneficiaries to live on. The Ways and Means Committee and the House must take up Social Security 2100: A Sacred Trust to expand benefits and strengthen the program. It is Congress' responsibility to ensure that Social Security benefits are protected and further strengthen Americans’ retirements.
The Securing a Strong Retirement Act of 2021 will:
- Promote savings earlier for retirement by enrolling employees automatically in their company's 401(k) plan, when a new plan is created;
- Create a new financial incentive for small businesses to offer retirement plans;
- Increase and modernize the Saver’s Credit for lower income Americans;
- Expand retirement savings options for non-profit employees by allowing groups of non-profits to join together to offer retirement plans to their employees;
- Allow individuals to save for retirement longer by increasing the required minimum distribution age to 75;
- Offer individuals over 50 more flexibility to set aside savings as they approach retirement;
- Allow individuals to pay down a student loan instead of contributing to a 401(k) plan and still receive an employer match in their retirement plan;
- Make it easier for military spouses who change jobs frequently to save for retirement;
- Allow individuals more flexibility to make gifts to charity through their IRAs;
- Allow taxpayers to avoid harsh penalties for inadvertent errors managing an IRA that can lead to a loss of retirement savings;
- Protect retirees who unknowingly receive retirement plan overpayments; and
- Make it easier for employees to find lost retirement accounts by creating a national, online, database of lost accounts.
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