12.19.19

Senator Murray Applauds Passage of Major Legislation to Strengthen Retirement Security

Recently passed spending bill includes SECURE Act, legislation with several provisions to bolster families’ retirement security

 

Bill includes step Murray has long pressed for to expand access to retirement plans for long-term, part-time workers by changing minimum participation standards

 

Washington, D.C. – Today, U.S. Senator Patty Murray (D-WA), ranking member of the Senate Health, Education, Labor, and Pensions (HELP) Committee, released the following statement in response to the passage of the SECURE Act—bipartisan legislation which includes several steps to bolster retirement security for workers, retirees, and families—as part of the end of the year funding deal.

 

“I’m glad we were able to take steps to bolster retirement security for families across the country and address the fact that too many people face too many barriers to having the financial security they will need in retirement,” said Senator Murray. “I’m particularly pleased we were able to take a step I’ve long pushed for to expand access to retirement plans to long-term, part-time workers. This will help millions of people across the country, and be especially helpful to women across the country who face an even steeper climb to retirement security, and who are the majority of long-term, part-time workers.”

 

The legislation includes changes to minimum participation standards which will expand access to retirement plans to long-term, part-time workers. Senator Murray has pressed for this step previously, and included similar language in legislation she introduced earlier this year to strengthen women’s retirement security—as a majority of long-term, part-time workers are women.

 

The legislation also includes provisions to help more small businesses offer retirement plans to their employees; allow people to wait longer before taking distributions from their plans; encourage the use of lifetime income options that help ensure retirees won’t spend down their assets too quickly; steps to help support Gold Star families, community newspapers, and home health care workers; and more.

 

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