WASHINGTON, DC – Last week, Congressman Dave Joyce (OH-14) voted for H.R. 2954, the Securing a Strong Retirement Act, a bipartisan bill to ensure Americans have the resources they need for a prosperous retirement. This legislation aims to reduce the estimated 50% of households at risk of not having enough to maintain their living standards in retirement by expanding coverage and increasing retirement savings, simplifying the current retirement system, and protecting Americans’ retirement accounts. It passed the House in an overwhelming bipartisan vote of 414-5 on March 29, 2022.

“After decades of hard work and sacrifice, Ohioans deserve to be able to approach their retirement with confidence and dignity,” said Joyce. “That’s why I was proud to vote for the Securing a Strong Retirement Act. This bill will help more Buckeyes save more for retirement no matter where they are in their careers, help small businesses set up retirement plans for their employees, and give peace of mind to workers who worry about whether they will have enough money to support themselves and their family when they retire.”

Specifically, the Securing a Strong Retirement Act, which is the most significant retirement legislation likely to become law in over a decade, would:

• Create new tax credits to encourage small businesses to offer retirement plans;
• Help employees save for retirement earlier by ensuring they are automatically enrolled in their company’s 401(k) plan, while still providing a chance for them to opt out;
• Provide Americans with greater flexibility to keep more of their savings for longer by raising the age for required minimum distributions to 75 so individuals don’t have to start withdrawing before they are ready;
• Help late career workers catch up in saving for retirement, ensuring they can contribute a larger amount to catch up on their retirement savings, up to $10,000 a year;
• Help lower-income households build their savings with the bigger and simpler Saver’s Credit;
• Support employees with student loan debt by allowing employer matching contributions to a retirement plan for employees that are making payments on student loans;
• Simplify the way small businesses offer new tax incentives for small business employee stock ownership plans; and
• Prioritize military families by providing a tax credit for small employers that make plan benefits more available to military spouses (who are often subject to frequent relocation or job changes).