Washington, DC – Right now, Rep. Ron Kind voted to pass the bipartisan Securing a Robust Retirement Act (SECURE 2.0). This legislation builds on the progress of the SECURE Act – which was enacted into regulation in 2019 and included provisions Rep. Kind authored – to assist extra Wisconsinites efficiently save for retirement and enhance their long-term monetary wellbeing.
“With financial security during the golden years of life out of reach for far too many Wisconsinites, it’s clear that we need to ensure easier pathways to savings,” stated Rep. Ron Kind. “Last Congress we enacted the SECURE Act, the most significant retirement legislation to become law in over a decade. This bill made critical improvements to our retirement system, but there’s more work to be done. That’s why today, I was thrilled to see the House pass the bipartisan Securing a Strong Retirement Act, which contains provisions I authored to help hardworking Wisconsinites approach retirement with confidence. Now I hope the Senate acts quickly so this legislation can become law.”
The Securing a Robust Retirement Act consists of a number of provisions Rep. Kind authored to increase retirement financial savings choices, together with:
Permitting public faculties and nonprofit organizations to take part in A number of Employer Plans (MEPs) with different small employers so as to pool sources and decrease prices
Extending the start-up credit score to small employers that be part of an MEP
Assist for S Companies to transition to an ESOP mannequin of possession
Moreover, the Securing a Robust Retirement Act will:
Set up a web-based, searchable database to assist employees find their retirement financial savings plans as they transfer from job to job;
Enable extra part-time employees to be part of retirement financial savings plans;
Make clear guidelines relating to the restoration of inadvertent overpayments to retirees to decrease hardships;
Allow employers to present small monetary incentives to their staff to incentivize their participation in office retirement plans;
Simplify and streamline reporting and disclosure necessities associated to retirement plans;
Make it simpler for navy spouses to save for retirement by providing small employers a brand new monetary incentive that enhances retirement plan participation by making navy spouses eligible for plan participation faster, rising eligibility of matching or non-elective contributions, and making navy spouses 100% vested in all employer contributions.
Rep. Kind serves on the Methods and Means Committee, the strongest – and the oldest – committee in the House of Representatives. It has jurisdiction over tax measures, the administration of public debt, commerce and tariff legal guidelines, Social Safety, Medicare, pensions, and lots of different financial development measures.