The U.S. House of Representatives on May 23 approved bipartisan legislation cosponsored by U.S. Rep. Mike Kelly (R-PA) that would reform laws to help Americans save more money for retirement.
“Today is a good day for American workers and businesses,” Rep. Kelly said following the House 417-3 vote. “The bill we passed today makes long-necessary reforms that will help future retirees prepare for the golden years and make it easier for businesses to help in that effort.”
Rep. Kelly coauthored the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019, H.R. 1994, with U.S. Rep. Richard Neal (D-MA), who sponsored the bill on March 29 to modify the requirements for employer-provided retirement plans, individual retirement accounts (IRAs), and other tax-favored savings accounts, among other provisions.
“To attain financial security in retirement, workers must start investing and saving as early as possible,” said Rep. Kelly. “The SECURE Act will help them do that and I am grateful to my colleagues for coming together on a bipartisan plan to give Americans more tools to build wealth for their future. When we work together, great things happen for the American people.”
H.R. 1994 combines several pieces of legislation, many written by Rep. Kelly during prior Congresses, according to his staff.
Key provisions in the bill would allow small businesses to jointly create multiple employer plans to lower costs; offer small businesses owners a tax credit for offering qualified retirement plans; and expand the use of 529 accounts for education in the trades and other professions, according to a summary provided by the congressman’s office.
H.R. 1994, which includes 57 other cosponsors in addition to Rep. Kelly, now heads to the U.S. Senate.