WASHINGTON — U.S. Senators Ben Cardin (D-Md.) and Rob Portman (R-Ohio) hailed the unanimous passage Wednesday of much of their bipartisan retirement security legislation, S. 1770, the Retirement Security and Savings Act,(RSSA) – also referred to as “Cardin-Portman” – in the Senate Finance Committee. The bulk of RSSA was included in the Senate Finance Committee legislation, named the Enhancing American Retirement Now (EARN) Act. This legislative package, which passed 28-0, would allow individuals to save more for retirement, help small businesses offer retirement plans, expand access for low-income Americans and provide more certainty and flexibility during Americans’ retirement years, ensuring the opportunity for all to have a dignity in their retirement years. This legislation is the senators’ fourth and final comprehensive retirement savings legislation introduced together. The Cardin-Portman legislation not only has strong bipartisan support, but also bicameral support. In March, the House passed Neal-Brady legislation, Securing a Strong Retirement Act, by a vote of 414-5, which has significant overlap with the Cardin-Portman bill.
“Helping more Americans save for retirement is a bipartisan effort. I’m proud of the unanimous vote today for this important legislation that builds on the Retirement Security and Savings Act authored by Senator Rob Portman and I. By working together and engaging our colleagues and a wide range of stakeholders, we have a stronger bill today that we hope will be on a fastrack to the president’s desk to be signed into law,” said Senator Cardin. “For 30 years, I have worked across the aisle with Rob Portman on retirement security issues. We’ve made real progress over the years, but we have a long way to go to increase the pension and savings rate for Americans and increase opportunities for more Americans to access the retirement system, particularly for lower-wage workers, workers at small businesses and women. We want more Americans engaged in saving for their future and this legislation strengthens and expands the tools available to reach that goal.”
“Today’s unanimous committee vote is another important step in strengthening Americans’ retirement security. At a time when bipartisanship is hard to come by, I am grateful the Senate Finance Committee voted unanimously to make it easier for Americans to save for their retirement,” said Senator Portman. “As the economy deals with the effects of the worst inflation in nearly 40 years, working families need all the help they can get when it comes to saving for the next chapter in their lives and Congress is one step closer to making that possible after today. I would like to thank Senator Ben Cardin for his long-time partnership in this effort and look forward to working with him and all my colleagues to ensure that this legislation is signed into law by the end of the year.”