Two separate pieces of legislation introduced last week by U.S. Rep. Mike Kelly (R-PA), who coauthored both bills during the previous session of Congress, would support Americans in saving for their retirements.
“We must update the tax code to strengthen the financial security of Americans during their retirement years,” said Rep. Kelly, who serves on the U.S. House Ways and Means Committee and is ranking member of its Oversight Subcommittee.
Rep. Kelly on Feb. 6 cosponsored the bipartisan Retirement Enhancement and Savings Act of 2019, H.R. 1007, which was sponsored by U.S. Rep. Ron Kind (D-WI). On Feb. 7, Rep. Kelly sponsored the Family Savings Act of 2019, H.R. 1084, along with nine Republican cosponsors.
Both H.R. 1007 and H.R. 1084 would amend the Internal Revenue Code of 1986 to encourage retirement savings, among other purposes, according to the congressional record.
“These bills are aimed at making it easier for our people to generate enough income to enjoy that period of their lives by expanding access to private-sector workplace retirement plans,” Rep. Kelly explained. “The legislation would help empower future retirees and relieve subsequent generations from some of the financial burden associated with the care of their parents and grandparents.”
The congressman said he will continue highlighting the importance of retirement savings and along with Rep. Kind also plans this week to re-launch the House Retirement Security Caucus, a group he originally cofounded in 2015 to educate policy makers and the public about how national retirement policies can encourage Americans to save more money and plan more responsibly for their retirement.
Nine other cosponsors joined Rep. Kelly in introducing H.R. 1007, which is being reviewed by the U.S. House Ways and Means Committee and the U.S. House Education and Labor Committee.
Among the nine original GOP cosponsors of H.R. 1084 are U.S. Reps. Brad Wenstrup (R-OH), Darin LaHood (R-IL) and Tom Reed (R-NY). The measure is now under consideration by the House Ways and Means Committee, the House Education and Labor Committee and the U.S. House Budget Committee.