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Larson, Ways and Means Committee Vote to Strengthen Retirement Security

May 5, 2021

Larson Calls for Action to Strengthen Social Security

Hartford, CT – Today, Rep. John B. Larson (CT-01) and the Ways and Means Committee voted to report H.R. 2954, the "Securing a Strong Retirement Act of 2021" favorably out of committee.

Click here to view Larson's remarks.

"The Securing a Strong Retirement Act of 2021 shows what Congress is capable of when we work in a bipartisan fashion and focus on solutions. The provisions in this bill will make a meaningful difference in people's lives by improving access to a secure retirement. A secure retirement is a cornerstone of basic human dignity, which is why this bill is so important.

"It is also why it is critical that we work next to strengthen and expand Social Security. The average Social Security benefit is $18,000 -- not enough for most beneficiaries to live on but that is what they must do. Social Security benefits have not kept up with basic expenses that beneficiaries have – like food, housing, and medical bills. It is Congress' responsibility to ensure that Social Security benefits are protected.

"I am proud to support the Securing a Strong Retirement Act of 2021."

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;
  • Direct the Internal Revenue Service to promote the Saver's Credit to increase utilization;
  • 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 ages 62, 63 and 64 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.

A section-by-section summary of the bill can be found HERE.

Full text of the legislation is available HERE.