Kelly Bill to Improve Retirement Savings Passes House of Representatives with Broad Bipartisan Support, Expected to also Pass Senate

May 23, 2019 Issues: Tax Reform

Washington, D.C. – Today, the U.S. House of Representatives passed H.R. 1994, the SECURE Act, legislation aimed at improving Americans’ ability to save for their retirement. Congressman Mike Kelly, R-Pa., co-authored the bill with Ways and Means Committee Chairman Richard Neal, D-Mass., Ranking Member Kevin Brady, R-Texas, and Wisconsin Democrat Ron Kind.

Today is a good day for American workers and businesses, said Kelly. The bill we passed today makes long-necessary reforms that will help future retirees prepare for the golden years and make it easier for businesses to help in that effort. To attain financial security in retirement, workers must start investing and saving as early as possible. The SECURE Act will help them do that, and I am grateful to my colleagues for coming together on a bipartisan plan to give Americans more tools to build wealth for their future. When we work together, great things happen for the American people.

The SECURE Act is the mix of several pieces of legislation, the bulk of which were written by Kelly during prior Congresses. Those bills include the Retirement Enhancement and Savings Act (RESA), the Rightsizing Pension Premiums Act, the Family Savings Act, the 529 OPTIONS Act, and more. Kelly has long-fought to help employees and small businesses make retirement planning and professional development easier for employees.

Key Provisions in the SECURE Act:

  • Allows small businesses to join to create multiple employer plans to lower costs.
  • Offers small businesses owners a tax credit for offering qualified retirement plans.
  • Establishes auto-enrollment in retirement plans.
  • Expands the use of 529 accounts for education in the trades and other professions.
  • Makes a technical correction in the tax code to reduce taxes on Gold Star Families.

These and other provisions will help businesses provide for their employees, and their employees to provide for their future. The bill passed on a broad bipartisan basis. The Senate is poised to pass the bill tonight and send it to President Trump for signature.