U.S. Representative Jackie Walorski (R-Ind.) Thursday voted for bipartisan legislation to make it easier for small businesses to set up retirement plans for employees and help workers save more and earlier for retirement. The House passed H.R. 1994, the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019, by a vote of 417 to 3.
“Workers are more likely to save for retirement if their employer offers a retirement plan, but small businesses face significant hurdles to making these plans available,” Congresswoman Walorski said. “The bipartisan SECURE Act will make it easier for small businesses to offer retirement plans so workers can start saving earlier and save more for their future. It’s disappointing that partisan politics got in the way of including a key provision to help families pay for the costs of homeschooling, but I’m hopeful we can continue building on the reforms in this bill to help Hoosier families thrive.”
BACKGROUND
The SECURE Act, which builds on reforms Republicans passed twice in the 115th Congress, would:
- Make it easier for small businesses to set up retirement plans for their employees;
- Gives employers the flexibility to tailor retirement plans to best fit the needs of their employees;
- Allows Americans to save longer by removing the age limit for contributing to IRAs, and increases the minimum age for required withdrawals from 70.5 to 72;
- Encourages younger Americans to save earlier;
- Allows families to take penalty-free withdrawals from their retirement accounts for the birth or adoption of a child;
- Fixes a technical error in order to lower taxes for Gold Star families.
Walorski represents the 2nd Congressional District of Indiana, serving as a member of the House Ways and Means Committee.
