House Passes Walberg Bill to Strengthen Retirement Security, Promote Family Savings

Washington, D.C.—Congressman Tim Walberg's bipartisan legislation, the Increasing Access to a Secure Retirement Act (H.R. 4604), passed the House today as part of a legislative package to help more Americans save for and have peace of mind in their retirement years. It is Walberg's 9th bill to pass the House this Congress. The legislation was incorporated into the Family Savings Act (H.R. 6757), which will create a new universal savings account, bolster 529 education savings accounts, and provide additional reforms to expand access to retirement savings programs.

"For too many families in Michigan, it is a constant struggle to put money away for retirement," said Congressman Walberg. "With this legislation, workers and families will have access to more and better tools to help them save for the future. This important bill also includes my provision to modernize our retirement policies to make it easier for employers to offer broader savings options for their employees. After decades of hard work, every American should be empowered to retire with financial security."

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.