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House Passes Retirement Security Legislation with Walberg Provisions

May 23, 2019
Press Release

Washington, D.C.—Congressman Tim Walberg’s bipartisan bill, the Increasing Access to a Secure Retirement Act (H.R. 1439), passed the House today as part of a bipartisan legislative proposal to help more Americans achieve a financially secure retirement. Walberg’s legislation was incorporated into the Setting Every Community Up for Retirement Enhancement (SECURE) Act (H.R. 1994), which helps address the nation’s retirement challenges by making it more affordable for small businesses to offer plans and giving families additional savings options.

“America has a retirement income crisis on our hands. Helping people from all walks of life prepare and save for this stage of their life is critically important,” said Walberg. “Under these reforms, hardworking families will have broader and better options to plan ahead and set aside money for the future. I am pleased my bipartisan provision is included in the House-passed legislation, and I remain committed to advancing solutions that help more Americans retire with dignity and peace of mind.”

About the Increasing Access to a Secure Retirement Act
Studies have shown that Americans are not saving enough to be financially secure throughout their retirement. Currently, only 10 percent of retirement plans in America offer a guaranteed lifetime income product—largely due to confusing and ambiguous regulations that employers must follow when selecting an insurance provider. To remove this uncertainty, Representatives Walberg and Lisa Blunt Rochester (D-DE) introduced the Increasing Access to a Secure Retirement Act, which establishes specific guidelines for employers who want to include annuities on their retirement plan menus.