The U.S. House of Representatives on May 23 passed comprehensive retirement legislation that includes a bipartisan bill sponsored by U.S. Rep. Vern Buchanan (R-FL) to modify the qualification requirements for certain multiple employer plans with pooled plan providers.
“House passage brings us one step closer to helping millions of hardworking Americans who enter retirement without adequate savings,” Rep. Buchanan said following the House vote.
Rep. Buchanan in March introduced the Retirement Security for American Workers Act, H.R. 1907, with cosponsor U.S. Rep. Ron Kind (D-WI) to permit businesses to join together on multiple employer plans, or MEPs, which allow them to share the administrative responsibilities and associated costs of offering a retirement plan to their employees.
“Hopefully my bill goes to the president’s desk this year,” added Rep. Buchanan, who has introduced similar legislation during the last two previous sessions of Congress, according to his staff. “Congress needs to help Americans save for retirement.”
H.R. 1907 became part of the bipartisan Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019, H.R. 1994, which the House approved 417-3 to modify the requirements for employer-provided retirement plans, individual retirement accounts and other tax-favored savings accounts, according to the congressional record summary.
The SECURE Act, which includes language from 10 other related bills, now advances to the U.S. Senate.
“I’m optimistic the Senate will take up this important bill in the near future to help folks prepare for retirement and invest in their future,” Rep. Buchanan said.