To amend the Internal Revenue Code of 1986 to allow a one-time election for a qualified charitable distribution to a split-interest entity and to inflation adjust the limits for qualified charitable distributions.

Madam Speaker, I move to suspend the rules and pass the bill (H.R. 2954) to increase retirement savings, simplify and clarify retirement plan rules, and for other purposes, as amended.

Madam Speaker, I yield myself such time as I may consume.

Madam Speaker, H.R. 2954 will help all Americans successfully save for a secure retirement by expanding coverage and increasing retirement savings, simplifying the current retirement system and protecting Americans' retirement accounts.

Retirement security has consistently been one of my top priorities as chairman of the Committee on Ways and Means. Too many workers in this Nation reach retirement age without having the savings they need. In fact--and I hope people will listen to this number--it is estimated that up to 50 percent of the individuals in America who go to work every single day do not have enrollment in a qualified retirement plan. That means those households are at risk of not having enough to maintain their living standards in retirement.

We need to do more to encourage workers to begin planning for retirement earlier and we need to make saving considerably easier.

Last Congress, Mr. Brady and I worked together on a bipartisan basis to do that by enacting the SECURE Act, one of the most significant retirement bills to become law in well over a decade.

Thanks to the SECURE Act, 4 million more Americans are now able to save for retirement through their employers, and as many as 700,000 new retirement accounts will be formed.

Last year, we built on this progress with the passage into law, my legislation, the Butch Lewis Act. After years of fighting for a solution to the multiemployer pension crisis, the Butch Lewis Act saved multiemployer pension plans from insolvency and secured the financial future of over a million workers and retirees who have played by the rules and made responsible savings decisions. Think of that and couple it with what we are about to do today with the guarantee of Social Security, and we will help to improve the opportunity for members of American families to have a secure retirement.

Madam Speaker, but more work needs to be done. That is why I am pleased the H.R. 2954, the Securing a Strong Retirement Act of 2022, is before us today.

This bipartisan legislation--and by bipartisan, let me thank Mr. Brady again for his good work on this legislation as well--will expand automatic enrollment in 401(k) plans by requiring 401(k), 403(b), and SIMPLE plans to automatically enroll participants upon becoming eligible, with the ability for employees to opt out of coverage--which I think, by the way, is not the best idea, but we do provide that option. Expansion of automatic enrollment will significantly increase participation in retirement savings plans at work.

H.R. 2954 also enhances the start-up credit, making it easier for small businesses to sponsor a retirement plan. And the legislation increases the required minimum distribution age to 75 and indexes the catch-up contribution limit for individual retirement accounts. These changes will make it

easier for American families to prepare for a financially secure retirement.

On a related note, I think it is important to highlight that U.S. defined contribution plans have created a unique reservoir of capital in the innovation economy. Retirement plans are investing in areas such as tech, financial services, digital commerce, and biotech. That means that workers' retirement assets are directly tying middle-class workers to our national innovation economy. That certainly is a win-win for all of us.

Madam Speaker, I am really pleased that Ranking Member Brady and I were able to come together on a bipartisan basis to develop this important legislation. Once again, it passed the Committee on Ways and Means unanimously. Our efforts have resulted in an excellent product that has broad support from organizations representing diverse interests, including retirees, charitable organizations, financial services providers, police officers, small businesses, and employers. The list of specific supporters is too long to read but we can start with the American Red Cross, AARP, and many others, which we will submit for the Record. Hundreds of groups have endorsed this plan.

Let's work together to expand retirement savings in America.

Madam Speaker, I urge my colleagues to support this legislation, and I reserve the balance of my time.

Madam Speaker, I yield 1 minute to the gentleman from California (Mr. Thompson), a real champion of retirement savings.

Madam Speaker, I yield 1 minute to the gentleman from Connecticut (Mr. Larson), a real champion of retirement savings, including all things Social Security.

Madam Speaker, I yield 1 minute to the gentleman from Wisconsin (Mr. Kind), another real champion of retirement savings.

Madam Speaker, I yield an additional 30 seconds to the gentleman.

Madam Speaker, I yield 1 minute to the gentlewoman from California (Ms. Chu), another real champion of retirement savings.

Madam Speaker, I am pleased to yield 1 minute to the gentleman from California (Mr. Panetta), another real champion of Social Security and retirement.

Madam Speaker, I yield the gentleman an additional 30 seconds.

Madam Speaker, might I inquire of the ranking member how many more speakers he might have.

Madam Speaker, I reserve the balance of my time.

Madam Speaker, I continue to reserve the balance of my time.

Madam Speaker, we are waiting on one more speaker. If Mr. Brady has anybody else he wants to thank, that would be great.

I reserve the balance of my time.

Madam Speaker, I include in the Record a letter that has been signed by 50 different charities in support of this legislation.

March 27, 2022.

Hon. Richard Neal,

Chair, Ways and Means Committee,

House of Representatives.

Hon. Bobby Scott,

Chair, Education & Labor Committee,

House of Representatives.

Hon. Kevin Brady,

Ranking Member, Ways and Means Committee,

House of Representatives.

Hon. Virginia Foxx,

Ranking Member, Education & Labor Committee,

House of Representatives.

Dear Chairmen Neal and Scott and Ranking Members Brady and

Foxx: On behalf of the undersigned nonprofits, including

charities and faith-based organizations, we want to express

our strong support for the inclusion of the Legacy IRA Act in

the bipartisan Securing a Strong Retirement Act (H.R. 2954,

section 310). The Legacy IRA Act was originally introduced as

H.R. 2909 by Representatives Don Beyer (D-VA-08) and Mike

Kelly (R-PA-16).

We appreciate you placing a priority on families in America

who are saving for retirement and simplifying the retirement

system through the broader Securing a Strong Retirement Act.

Specifically, the Legacy IRA provision will encourage more

charitable giving by enabling seniors to make tax-free

contributions from their traditional IRAs to charities

through life-income plans. It is an important piece of

broader efforts to increase charitable giving to enable

nonprofits to continue to provide critical services in local

communities such as health research and patient education,

food assistance, domestic violence services, childcare, youth

homeless shelters, and cultural and arts programming.

Many of our organizations are dependent on private

philanthropy, including gift planning. We believe the Legacy

IRA provision simply offers seniors another philanthropic

option and would incentivize more giving to help charities

while helping middle-income seniors who need a lifetime

income.

We strongly support the inclusion of the Legacy IRA Act in

the Securing a Strong Retirement Act and urge the House of

Representatives to approve this measure. America is stronger

when everyone has the opportunity to give, to get involved,

and to strengthen their communities.

Sincerely,

ALS Association, Alternate ROOTS, Alzheimer's Association,

American Alliance of Museums, American Cancer Society Cancer

Action Network, American Council on Gift Annuities, American

Heart Association, American Lung Association, American Red

Cross, Americans for the Arts, Arab Community Center for

Economic and Social Services (ACCESS), Association of Art

Museum Directors, Association of Fundraising Professionals,

Big Brothers Big Sisters of America, Boys & Girls Clubs of

America, Catalyst of San Diego & Imperial Counties, Council

for Advancement and Support of Education, Council for

Christian Colleges & Universities, Council on Foundations,

Covenant House International, DANCE/USA, Florida

Philanthropic Network, Girl Scouts of the USA, Girls Inc.,

Goodwill Industries International, Inc., Grantmakers in the

Arts, Habitat for Humanity International, Hemophilia

Federation of America.

Independent Sector, JDRF, Jewish Federations of North

America, Leadership 18, League of American Orchestras,

Lutheran Services in America, March of Dimes, Mental Health

America, Momentum Nonprofit Partners, National Alliance on

Mental Illness, National Association of Charitable Gift

Planners, National Community Action Partnership, National MS

Society, New York Funders Alliance, OPERA America, Performing

Arts Alliance, Philanthropy Ohio, Philanthropy Southeast,

Providence, Social Current, The Nonprofit Alliance, The

Salvation Army USA, Theatre Communications Group, UNICEF USA,

United Philanthropy Forum, Volunteers of America, Wabash

College, YMCA of the USA, YWCA USA.

Madam Speaker, I also include in the Record a letter from the AARP supporting this legislation.

Madam Speaker, I yield myself such time as I may consume.

Oftentimes in this Chamber, you will hear the phrase ``transformative.'' Sometimes it is hyperbolic, but on this occasion, this is transformative legislation.

We have fundamentally changed the opportunities for retirement for the American family, for millions and millions of people. I want to acknowledge the work of the ranking member on this, Mr. Brady, because his input has been invaluable in helping to get to this moment.

We are proud of this work. We are helping Americans prepare for a secure retirement. The catch-up provisions alone are startling in this legislation.

Remember, there are a lot of people in America who are trying to simultaneously educate their children and save for retirement. It is a real challenge.

The catch-up provisions here mean that if people wish to work longer or begin to set aside more prescribed dollars for retirement because they couldn't do it during certain years of paying college expenses, we provide that opportunity.

This has been meaningful for Members on both sides. I have heard Members on the Republican side point out their contributions to it, and they are entirely correct.

We, on our side, have also included Mr. Davis' legislation that ensures workers with student loans don't miss out on 401(k) matching contributions. Representative Murphy's legislation to increase the required minimum distribution age to 75 is here as well.

We created a higher catch-up contribution amount for those years just before retirement, a provision particularly important for pilots who have a mandatory retirement age. That was a priority of Representatives Sanchez and Pascrell.

Mr. Kind's bills have been included. His legislation fixing a problem with startup credits and multiple employer plans is here as well.

SECURE 2.0 contains Representative Chu's legislation that would enhance the saver's credit, which was also a priority for Representative Sewell.

We have included Representative Panetta's legislation that provides 403(b) custodial accounts that are permitted to invest in collective investment trusts, as well as his legislation reforming family attribution rules.

We have included Representative Sewell's legislation to reduce by 1 year the period of service requirement for long-term part-time workers to participate in 401(k) plans. This provision is particularly important for women who tend to work part-time more frequently than men.

Mr. Suozzi contributed legislation that would direct Treasury to issue regulations addressing a glitch with respect to insurance- dedicated exchange-traded funds.

Mr. Beyer's legislation is included. That was important to the charitable community and would, among other things, index the inflation rate for annual IRA charitable distribution limits.

The bill includes Representative Moore's legislation that would provide penalty-free withdrawals from retirement plans for individuals in case of domestic abuse.

We have included Representative Evans' legislation directing the Labor Department to update its disclosure rules to allow better comparisons amongst investments to aid participant decisionmaking.

Finally, we have included Representative Pascrell's legislation that would allow first responders to exclude service-connected disability pension plans and payments from their gross income after they reach retirement age. That also touches upon Representative Higgins' ESOP Fairness Act.

Mr. Brady noted earlier, and let me reinforce, the exceptional work of the Ways and Means Committee staff on this occasion. As I have said many times before, we are blessed with amongst the brightest, smartest, and hardest working staff members in Congress. Let me thank MaiLan Rodgers for her work and Kara Getz, who has been integral to the development of not only this legislation but also the SECURE Act and the Butch Lewis Act, both of which became law.

The SECURE Act was one of the most significant retirement opportunities, and this legislation will become law, I hope, in the near future. Let's not wait another decade to enact the important provisions of this legislation. This bill goes a long way in addressing this country's retirement crisis.

I want to point out something I said earlier. Half the people who get up and go to work every day in America are not in a qualified retirement plan. We need to continue to address that issue.

This is important legislation. I know it will pass. I think the last time this legislation came to the floor, all but four Members of this Chamber voted for this legislation.

I thank Mr. Brady, again, for his good work and the good work of his staff.

Madam Speaker, I yield the balance of my time to the gentleman from Virginia (Mr. Scott), and I ask unanimous consent that he be permitted to control the remainder of the time.

Madam Speaker, I yield myself such time as I may consume.

Madam Speaker, I am pleased to join with my friend, Chairman Rich Neal, in jointly reintroducing SECURE 2.0, which will help hardworking Americans approach retirement with both confidence and dignity.

For 5 years now, members of the Committee on Ways and Means have worked tirelessly together to ensure Americans have the resources to save for a secure retirement. A lot of hard work and negotiation has gotten us to this point, and I am grateful to Chairman Neal for his commitment to get this bill across the finish line to the President's desk.

It is important to remember how far we have come in our joint efforts to help Americans better prepare for their long-term financial goals. Following the historic rewrite of our Tax Code with the Tax Cuts and Jobs Act, Republicans moved toward building on this success for years to come.

That happened when the Republicans and Democrats worked together to develop and enact the Setting Every Community Up for Retirement Enhancement Act, known as the SECURE Act, the most significant retirement legislation to become law in over a decade.

We made it easier for Main Street businesses to offer retirement plans to their workers by easing administrative burdens, cutting down on unnecessary and often costly paperwork.

The SECURE Act made significant improvements to our country's retirement system. And today, we will do even more.

A recent AARP survey found that rising prices are taking a big toll on workers, making it difficult to cover everyday expenses or save for the future. In fact, with a 40-year high inflation, nearly a quarter of workers surveyed reported that their financial situation is worse today than it was last year.

A study also found that nearly 40 percent of workers said that they have no emergency savings, with one out of five reporting they have nothing saved for retirement. Nothing.

Both groups peg rising prices of everyday goods as the biggest barrier for planning for their financial future.

Ensuring Americans have the resources they need for a prosperous retirement is a bipartisan priority. And with American families' paychecks falling further behind through rising prices, it has really never been more important for Congress to help workers get back on track with their retirement plans.

With this bill we build on the landmark provisions in the SECURE Act, enabling more workers, especially those with low income and modest income, to begin saving earlier and giving them piece of mind as they plan for the future.

Our bill, SECURE 2.0 improves workers' long-term financial wellbeing by helping more Americans save for retirement at every stage of their life. SECURE 2.0 contains more than 20 provisions sponsored or cosponsored by Republicans and Democrats in standalone legislation.

By providing flexibility, for example, we make it easier for local businesses to tailor retirement plans to best fit the needs of their workers. These reforms help Americans not only save earlier in their careers, but helps families save longer as well.

We expand access to workplace retirement by increasing the incentives for businesses, especially small businesses, to create new plans or join groups of plans while sharing the cost of administration.

To further help small businesses shoulder the burden of creating a new plan, our bill matches employer contributions with the new business tax credit. That can help a small business match up to the first $1,000 in matching contributions for that work.

For those Americans who are further along in their career or already in retirement, this bill raises the amount these workers can contribute to catch up on their retirement savings as they near retirement, doubling it to $10,000 a year. Because we want Americans to save throughout their lifetime, together we increase the age at which retirement plan distributions become mandatory to age 75 over time from 72 today.

These changes are especially important because many workers find themselves making more at the end of their careers and are more open to focusing on retirement. Those already in retirement often worry about the effects of mandatory taxable distributions on their long-term financial plans.

Another recent study by Edward Jones and Morning Consult found 57 percent of Americans who prioritize paying off a student loan are now behind on their schedule on saving for retirement. Our bill allows employers to essentially match their workers' student loan repayments with contributions to the workers' retirement plan.

This means from workers struggling to make ends meet under crushing student debt and rising prices, they are able to tackle both, paying off their debt and getting help in working toward a secure retirement.

Madam Speaker, I want to thank Chairman Neal and the members of the Ways and Means Committee from both parties for their long-term and diligent efforts. Together, we will ensure more hardworking Americans are confident in their retirement.

Madam Speaker, I reserve the balance of my time.

Madam Speaker, I yield 1 minute to the gentleman from Nebraska (Mr. Smith), the Republican leader of the Trade Subcommittee.

Madam Speaker, I yield 1 minute to the gentleman from Arizona (Mr. Schweikert).

Madam Speaker, I yield 1\1/2\ minutes to the gentleman from Illinois (Mr. LaHood).

Madam Speaker, I yield 1 minute to the gentleman from Kansas (Mr. Estes).

Madam Speaker, I am proud to yield 1 minute to the gentleman from Pennsylvania (Mr. Kelly).

Madam Speaker, I yield an additional 30 seconds to the gentleman.

Madam Speaker, I have a few more.

Madam Speaker, I am really proud to yield 1 minute to the gentleman from North Carolina (Mr. Murphy).

Madam Speaker, first, I include in the Record a number of letters and documents in support of SECURE 2.0.

Among a litany of letters advocating for swift passage, there are four I would like to include. These letters are led by the Employee- owned S Corporations of America, the American Benefits Council, the American Retirement Association, and the Investment Company Institute, all of which were invaluable members in crafting this bipartisan legislation.

Employee-Owned

S Corporations of America,

Washington, DC, March 24, 2022.

Hon. Richard Neal,

Chairman, Committee on Ways & Means,

Washington, DC.

Hon. Kevin Brady,

Ranking Member, Committee on Ways & Means,

Washington, DC.

Dear Chairman Neal and Ranking Member Brady: Employee-Owned

S Corporations of America (``ESCA'') applauds your efforts to

advance the bipartisan Securing a Strong Retirement Act. We

are particularly supportive of the inclusion of a key

provision reflecting themes of legislation introduced by

Committee members Ron Kind and Jason Smith to encourage the

creation of more private, employee-owned businesses. We thank

you for recognizing the value of S corporation ESOPs to

worker retirement savings, and for reflecting that

recognition in your important legislation.

ESCA is the national voice for employee-owned S

corporations, and its exclusive mission is to preserve and

promote employee-owned S corporations and the benefits

provided to their employee-owners. Most S corporation

employee stock ownership plans (``S ESOPS'') are 100-percent

owned by their employees. Our S ESOP companies engage in a

broad spectrum of business activities ranging from

manufacturing to construction to playing critical supporting

roles such as retail grocery stores and other essential

functions to America's infrastructure.

As you know well, S corporation ESOPs were created 25 years

ago with significant bipartisan support from Congress. Today

S ESOPs accomplish exactly what Congress intended: they

create jobs, generate economic activity, and promote

retirement savings.

Both specifically for S ESOP employees and more generally,

your bill will increase retirement savings opportunities at a

time when more than 30 percent of Americans do not have

access to a workplace retirement plan and 20 percent of

Americans have no retirement savings at all. By contrast, we

note, the vast majority of S ESOP companies offer their

workers two retirement plans--typically the ESOP plus a

401(k). This focus on retirement security is a hallmark of

employee-owned companies.

A new study conducted by the National Center for Employee

Ownership found that, heading into and during the pandemic,

employees at S ESOP companies had greater job retention and

retirement security, including more than twice the average

total retirement savings of Americans who work at non-ESOP

companies.

We appreciate you recognizing the value of having more S

corporation ESOP companies and look forward to working with

you to continue to identify more ways to enable more working

Americans to be employee-owners.

Thank you for your leadership.

Sincerely,

Stephanie Silverman,

President and CEO.

Actually, never make that offer to a sitting Member of Congress.

Madam Speaker, I yield myself such time as I may consume.

This has been awfully good work on behalf of the bipartisan Members of Congress on an issue they believe in. But Chairman Neal and I are both blessed to have incredibly hardworking personnel, a professional team.

Madam Speaker, I thank Payson Peabody and Derek Theurer, from our tax subcommittee team, for the work that they put in, along with Chairman Neal's folks, to develop this legislation, fine-tune the legislation, make adjustments as it comes to the floor, and, again, put it in the format and with the right designs that we think will do great things for the American people and American workers.

Madam Speaker, I reserve the balance of my time.

Madam Speaker, I yield myself such time as I may consume.

I think one of the things I am most proud of in this legislation began almost 2 years ago. After the passage of the SECURE Act, Chairman Neal and I sat down on the floor talking about what more we could do to help people save for retirement.

What we both talked about is what everyone knows exists, the savings gap, and what little is being done to address it. This is the gap of how many Americans will spend their lifetime and save virtually nothing. When it is time to retire, their retirement isn't in their hands. It is all owed to government or other help.

We decided we would do the hard work to try to engage millions of Americans. We know who they are. They don't make lots of money. It is low income or moderate income. They usually work for a very small business. They are the toughest to be able to begin getting into that savings environment.

We designed this bill to really focus on those who have not saved in the past and, unless we do something differently, were not going to be saving for the future.

That is why so much of this bill is designed around them. That is why we help small businesses set up plans.

Here is what we know, Madam Speaker. To have a secure retirement, we need to make sure a business offers a plan.

Secondly, we need to make sure that worker is part of that plan.

Thirdly, we need to have those contributions matched.

Fourthly, you need to save more over time as your income increases.

This bill really takes significant steps to make sure small businesses are offering those plans and get help matching those first thousand dollars.

We use the saver's credit, which is pretty unused these days, and muscle it up, make it more available to help those with low income provide those first dollars.

Then, we make the changes so it is easier for small businesses to either start their own plan or pool with others, as we did in the SECURE Act, all of which we think are the elements to close that saver's gap and give Americans who really had no chance to save an opportunity to do that.

That is what, in my view, is the importance of this legislation, why I am proud of the work.

Chairman Neal and the Republican and Democrat members of our committee worked together beautifully on this bill. I think this is an important one that I urge the Senate to take up and pass as well.

Madam Speaker, I yield the balance of my time to the gentleman from Georgia (Mr. Allen), and I ask unanimous consent that he may control the remainder of the time.

Madam Speaker, I yield myself such time as I may consume.

Madam Speaker, I rise today in support of H.R. 2954, which includes the text of the Education and Labor Committee's bipartisan Retirement Improvement and Savings Enhancement Act, the RISE Act, H.R. 5891, a bill that I was proud to cosponsor with the distinguished chairman of the Education and Labor Committee and Ranking Member Foxx.

This bipartisan legislation is a much-needed push toward modernization that our country's retirement system needs. Our economy has evolved and so have the ways Americans plan for retirement.

Neither employers nor employee benefit plans fit into the same cookie-cutter policies they did when the Employee Retirement Income Security Act of 1974 was first enacted. The RISE Act and H.R. 2954 include reforms that will benefit America's workforce and job creators.

Worker access to employer-sponsored retirement plans has improved over the last three decades, and participation has grown. Today, more workers are saving and saving more in employer-sponsored plans.

However, there remains room for improvement, as too many Americans still lack access to these benefits. This legislation is a major step toward providing reasonable solutions to solve the problems hindering Americans from being able to save for a secure future.

Building on the SECURE Act of 2019, the RISE Act and H.R. 2954 expand multiple and pooled employer plans, giving charities, educational institutions, and nonprofit organizations the opportunity to offer affordable retirement plans. Expanding pooled employer plans give small businesses access to more affordable plans by allowing them to band together, decreasing the costs and burdens associated with sponsoring a plan and providing more Americans with an opportunity to save.

Allowing small businesses and nonprofits the opportunity to offer competitive retirement plans so they can attract workers is extremely important, as the labor shortage has hit them the hardest.

Additionally, the RISE Act and H.R. 2954 will allow employers to offer small financial incentives to employees for participating in a retirement plan. This will help encourage employees to start preparing for retirement earlier in their careers, which is vital for employee contributions to earn years of compounding benefits for their retirement accounts.

Finally, this bill expands access to retirement savings for part-time workers who otherwise would be limited from participating in the employer plan. Removing barriers to saving ensures more Americans have a secure and self-sufficient retirement. Red tape and unnecessary barriers must not keep employees from building a strong retirement.

The RISE Act and H.R. 2954 also ease the burden of administering retirement accounts by removing unnecessary disclosure requirements. The legislation directs the Department of Labor, Department of the Treasury, and the Pension Benefit Guaranty Corporation to simplify reporting and disclosure regulations, streamline the collection of contributions to pooled employer plans, and update benchmarking guidelines to accommodate a broader selection of plan investments.

Importantly, retirement professionals themselves are in support of the RISE Act. Organizations like the American Benefits Council, the Insured Retirement Institute, the American Retirement Association, and the SPARK Institute are supportive of this legislation.

Workers and plan sponsors alike can see that the RISE Act will make commonsense reforms and improve the lives and futures of the American worker. The RISE Act offers creative and practical solutions to the problems in our retirement system.

As legislators, we must take action to tackle issues that affect the daily lives of our constituents. As a businessman, I know firsthand the issues that are affecting American workers that can be improved upon.

This legislation will improve the retirement security for millions of Americans. I urge my colleagues to join in support, and I look forward to its passage in the House and for these reforms to be ultimately signed into law.

Madam Speaker, I reserve the balance of my time.

Madam Speaker, I yield 2 minutes to the gentleman from Michigan (Mr. Walberg), my good friend.

Madam Speaker, I yield 2 minutes to the gentleman from Pennsylvania (Mr. Keller), another good friend.

Madam Speaker, I yield 5 minutes to the gentlewoman from North Carolina (Ms. Foxx), our great Republican leader.

Madam Speaker, I yield myself the balance of my time.

Madam Speaker, the goal of every American is to retire with security and dignity. The RISE Act and H.R. 2954 will help workers do just that. This bill will expand the availability of private retirement programs to more Americans.

Neither small businesses, nor non-profits and educational institutions should be prohibited from accessing the benefits offered to larger retirement plans.

Building on the success of the SECURE Act of 2019, this legislation cuts red tape, streamlines reporting and disclosure requirements, and provides American workers retirement.

I thank the chairman and our Republican leader for their commitment to bipartisanship and for defending the committee's important jurisdiction over retirement issues in this bill.

I urge my colleagues to vote in favor of H.R. 2954, and I yield back the balance of my time.

Madam Speaker, on that I demand the yeas and nays.

Madam Speaker, I yield myself such time as I may consume.

Madam Speaker, I rise in support of H.R. 2954, the Securing a Strong Retirement Act of 2022, which incorporates the bipartisan Retirement Improvement and Savings Enhancement Act, or RISE Act, that the Committee on Education and Labor approved by voice vote last fall.

I thank the gentleman from Massachusetts (Mr. Neal) for his hard work in incorporating this legislation into SECURE 2.0. Our committee was able to reach a bipartisan agreement on the RISE Act, thanks in large part to the leadership of the chairman and ranking member of our Subcommittee on Health, Employment, Labor, and Pensions, the gentleman from California (Mr. DeSaulnier) and the gentleman from Georgia (Mr. Allen). I want to recognize them and thank them for their important contributions to this bill.

American workers deserve a decent wage and the ability to retire with dignity and security. Unfortunately, far too many Americans are working later in their lives and still relying on the next paycheck to cover monthly expenses. This legislation makes meaningful improvements to our retirement system, helping Americans prepare for and achieve the secure retirement that they deserve.

I am particularly pleased that this bill incorporates several key priorities authorized by Committee on Education and Labor members.

For example, it includes legislation sponsored by the gentlewoman from Oregon (Ms. Bonamici), the chair of the Subcommittee on Civil Rights and Human Services, which creates an online retirement lost-and- found database at the Department of Labor to help workers locate their hard-earned retirement savings as they move from job to job. According to the Government Accountability Office, more than 25 million people who changed jobs between 2004 and 2014 left behind one or more retirement accounts. Establishing this kind of database at the Department of Labor is necessary and long overdue.

The bill includes legislation sponsored by the gentlewoman from North Carolina (Ms. Manning) that reduces barriers preventing part-time workers from participating in their employer's retirement savings plans. This simple change will benefit many part-time workers, particularly women.

It also includes legislation sponsored by the gentleman from Indiana (Mr. Mrvan) requiring the Department of Labor to review and update guidance from the mid-1990s regarding pension risk transfers.

Importantly, Madam Speaker, this bill offers an opportunity to send a message to workers and retirees across the country that their retirement security is a critical priority for every Member of this House.

Madam Speaker, I urge my colleagues to support the bill, and I reserve the balance of my time.

Madam Speaker, I yield 3 minutes to the gentlewoman from North Carolina (Ms. Manning), a distinguished member of the Committee on Education and Labor.

Madam Speaker, I yield 3 minutes to the gentleman from Indiana (Mr. Mrvan), a distinguished member of the Committee on Education and Labor.

Madam Speaker, I yield 3 minutes to the gentleman from Oregon (Mr. Blumenauer), a distinguished member of the Committee on Ways and Means and chair of its Subcommittee on Trade.

I would be happy to enter into a colloquy with my colleague.

Will the gentlewoman yield?

Madam Speaker, I thank the ranking member for yielding to me and for her comments.

It is my understanding that our staffs will continue their efforts, along with their Senate counterparts, to try to find a path forward on this issue that balances the interests of plan sponsors and the retirement plan participants.

Madam Speaker, I yield 3 minutes to the gentlewoman from Oregon (Ms. Bonamici), the chair of the Subcommittee on Civil Rights of the Education and Labor Committee.

Madam Speaker, I yield myself the balance of the time.

Madam Speaker, as my colleagues have said, the bill makes meaningful and sensible improvements to America's retirement system. It will help workers, retirees, and employers.

I again congratulate my Education and Labor Committee colleagues who have authored provisions in this bill, and I want to recognize and thank the ranking member of the Committee on Education and Labor, Dr. Foxx, and her staff for their partnership and work on this important bill with my staff which includes Kevin McDermott, Richard Miller, Daniel Foster, and Eli Hovland who have worked hard on this bill from start to finish.

Madam Speaker, I urge all Members to support the bill, and I yield back the balance of my time.

Madam Speaker, I rise in strong support of H.R. 2954, the Securing a Strong Retirement Act of 2021, which will make various changes with respect to employer-sponsored retirement plans, including providing for the automatic enrollment of employees in certain plans and increasing the age at which participants are required to begin receiving mandatory distributions.

This legislation expands opportunities for Americans to increase their retirement savings, improves workers' long-term financial wellbeing, and builds on the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019.

The purpose of this legislation is to expand automatic enrollment, simplify many retirement plan rules, and strengthen small businesses' ability to offer workplace retirement plans.

Among other things, H.R. 2954 would:

Expand automatic enrollment of workers in employer-sponsored retirement saving plans.

Employees would be automatically enrolled in plans such as 401(k)s and 403(b)s unless they opt out.

The initial automatic enrollment amount is at least 3 percent but no more than 10 percent. And then each year that amount is increased by 1 percent until it reaches 10 percent.

The age at which seniors must take required minimum distributions (RMDs) from their retirement savings accounts would be raised from 72 to 73. The bill subsequently would raise the age to 74 starting in 2029 and to 75 starting in 2032.

Reduce the penalty for failure to take RMDs to 25 percent from 50 percent. If this failure is corrected in a timely manner, as defined by the bill, the penalty would be further reduced to 10 percent.

Increase the limits on so-called catch-up contributions for employees ages 62 to 64. In 2021, these workers were allowed to contribute up to $6,500 to their retirement savings plans beyond the otherwise applicable limits. This bill would increase that amount to $10,000 and index it to inflation.

The catch-up contribution limit for individual retirement accounts would be indexed to inflation. Currently, savers ages 50 and up may contribute an additional $1,000 annually to their IRAs, but that limit isn't indexed to inflation.

Allow employers to match a worker's student loan payment by making an equivalent contribution to that worker's retirement savings plan.

This provision is intended to help workers who can't afford to save for retirement because of high student-loan debt, which causes them to miss out on their employers' matching contributions to retirement savings plans.

Today's workplace is more generationally diverse than ever.

Older employees are working longer, and millennials make up roughly a third of the American workforce. This bill helps both older and younger workers.

For younger workers, this can help jump start the saving process earlier by making employer matches available for those who are also paying off student loans.

For older workers nearing retirement, they would have more time to save, due to the increased catch-up contribution limits and delayed required minimum distributions (RMD).

By automatically enrolling every working person in a plan, with the option to opt out, we begin to solve the biggest reasons people don't save for retirement.

According to the U.S. Census Bureau, the three biggest reasons people do not save for retirement are: not having a plan at work (74 percent of non-savers), being self-employed (14 percent) and not being included in a workplace plan (12 percent).

These proposed changes are beneficial to Americans of all ages, helping them reach their savings goals and provide more flexibility upon retirement.

Though there are many paths to retirement, it's critical to be financially prepared, especially as people are living longer.

For these reasons, I ask my colleagues to join me in voting for H.R. 2954 because we need to ensure that every American can benefit from the best retirement plan for them.