Press Release

March 29, 2022
Cardin, Portman Praise House Passage of Retirement Security Reforms
"We will continue to support solutions that help increase savings, expand access to retirement plans for working families, and promote lifetime income solutions." "This is an area of broad, bipartisan consensus."

WASHINGTON – U.S. Senators Ben Cardin (D-Md.) and Rob Portman (R-Ohio) praised the House of Representatives today for passing the Securing a Strong Retirement Act by a vote of 414-5. Cardin and Portman, longtime champions of retirement security, are cosponsoring companion legislation in the Senate. Cardin and Portman praised this commonsense, bipartisan bill, led by House Ways and Means Committee Chairman Richard Neal (D-Mass.-01) and Ranking Member Kevin Brady (R-Tex.-08), that would make significant improvements to the retirement system for all. It includes increasing retirement savings, improving the retirement system and helping small businesses, younger workers and women.

The Neal-Brady legislation has significant overlap with the Cardin-Portman Retirement Security and Savings Act (S.1770). Both bills would allow people 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.

“Americans need to save more so they can retire with the dignity and stability they deserve. It’s an ongoing struggle. We are encouraged with the ongoing bipartisan and bicameral interest in necessary reforms that will help more Americans save more for retirement,” Senators Cardin and Portman said. “We will continue to support solutions that help increase savings, expand access to retirement plans for working families, and promote lifetime income solutions. This is an area of broad, bipartisan consensus. We look forward to working with Chairman Wyden, Ranking Member Crapo and our House colleagues to move this legislation through the Finance Committee as swiftly as possible so that it can get to the president’s desk.”

 

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