Reschenthaler Supports Legislation to Improve Americans’ Retirement Security
WASHINGTON, D.C. – Today, Congressman Guy Reschenthaler (PA-14) voted in support of H.R. 1994, the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019. This bipartisan legislation will help improve retirement security for all Americans by empowering small businesses and workers with greater flexibility and the ability to save more of their hard-earned money.
“I am proud to support this legislation that will help Americans achieve their retirement goals and strengthen current senior citizens’ retirement security,” said Reschenthaler. “Every day, 10,000 Americans turn 65, and without help, many will be unprepared to face the obstacles of retirement. The SECURE Act ensures that those in our country who work hard have access to the resources they need to provide for themselves after they leave the workforce.”
The SECURE Act provides a comprehensive approach toward improving retirement security. This legislation includes several common-sense provisions that will make it easier for small businesses to offer retirement plans to their workers, allow senior citizens to save for longer by removing the age limit for contributing to IRAs and increasing the minimum age for required withdrawals from 70.5 to 72, andencourage young Americans to start saving earlier. Further, the bill enhancesautomatic enrollment and contribution increase features, which will improve worker participation and increase savings rates.
The legislation also includes a technical correction, which will reduce excessive taxes imposed on military survivor benefits received by children. Congressman Reschenthaler was a co-sponsor of similar legislation to address this problem, H.R. 1791, the Children of Fallen Servicemembers AMT Relief Act of 2019.
“By expanding opportunities to save for retirement, more Americans will be able to meet their retirement goals and achieve financial security,” stated Reschenthaler.