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Walberg’s Retirement Security Legislation Passes House, Set to Become Law

December 17, 2019
Press Release

Washington, D.C.—U.S. Representatives Tim Walberg (R-MI) and Lisa Blunt Rochester (D-DE) today applauded the House passage of their bipartisan bill to help more Americans have peace of mind in their retirement years. The legislation, the Increasing Access to a Secure Retirement Act, was incorporated into the Setting Every Community Up for Retirement Enhancement (SECURE) Act and included in the FY2020 appropriations package. It is now expected to be passed by the Senate and signed into law by President Trump.

“All Americans deserve a financially secure retirement. Yet for too many families, having enough money in their golden years is a source of constant worry and uncertainty,” said Rep. Walberg. “To help address the retirement income crisis, this bipartisan bill gives hardworking families access to more savings options as they plan for the future. I am grateful to Rep. Blunt Rochester for her partnership on this meaningful legislation, which is now once step closer to becoming law.”

“When Congressman Walberg and I introduced the Secure Retirement Act, we did so to provide employers and employees alike with more tools in the toolbox to boost savings across the board,” said Rep. Blunt Rochester. “Americans deserve to have peace of mind after a lifetime of hard work. I want to thank Rep. Walberg for his tireless efforts working on this legislation and for being a wonderful partner in this effort. I am so pleased that the bill has been included in the appropriations package and look forward to seeing it signed into law.”

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 Blunt Rochester 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.