Posted: April 1, 2022
Washington – Today, Rep. Mike Thompson (CA-05) voted to pass the bipartisan Securing a Strong Retirement Act (SECURE Act) to increase retirement savings for Americans and simplify and clarify retirement plan rules. The bill also allows individuals to pay down a student loan instead of contributing to a 401(k) plan while still receiving an employer match in their retirement plan.
“Americans work hard their entire lives and deserve to retire with dignity and financial security,” said Thompson. “The Secure Act 2.0 is a bipartisan bill that provides workers with more tools to plan for retirement and the flexibility they need to control their finances, including new steps to help pay down student loans while still being able to save for retirement. This bill will help Americans of all ages prepare for retirement and make it easy to understand so they can be ready to retire when the time is right.”
The Securing a Strong Retirement Act will expand automatic enrollment in employer-provided retirement plans, simplify rules for small businesses, and help older Americans close to retirement save more for longer. This legislation will increase access to retirement funding and help more Americans save for the future.
A one-pager on the bill can be found here.