Washington, DC – Today, Rep. Ron Kind voted to pass the bipartisan Securing a Strong Retirement Act (SECURE 2.0). This legislation builds on the progress of the SECURE Act – which was enacted into law in 2019 and included provisions Rep. Kind authored – to help more Wisconsinites successfully save for retirement and improve their long-term financial 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,” said 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 Strong Retirement Act includes several provisions Rep. Kind authored to expand retirement savings options, including:
Allowing public schools and nonprofit organizations to participate in Multiple Employer Plans (MEPs) with other small employers in order to pool resources and lower costs
Extending the start-up credit to small employers that join an MEP
Support for S Corporations to transition to an ESOP model of ownership
Additionally, the Securing a Strong Retirement Act will:
Establish an online, searchable database to help workers locate their retirement savings plans as they move from job to job;
Allow more part-time workers to join retirement savings plans;
Clarify rules regarding the recovery of inadvertent overpayments to retirees to minimize hardships;
Enable employers to provide small financial incentives to their employees to incentivize their participation in workplace retirement plans;
Simplify and streamline reporting and disclosure requirements related to retirement plans;
Make it easier for military spouses to save for retirement by offering small employers a new financial incentive that boosts retirement plan participation by making military spouses eligible for plan participation quicker, increasing eligibility of matching or non-elective contributions, and making military spouses 100% vested in all employer contributions.
Rep. Kind serves on the Ways and Means Committee, the most powerful – and the oldest – committee in the House of Representatives. It has jurisdiction over tax measures, the management of public debt, trade and tariff laws, Social Security, Medicare, pensions, and many other economic growth measures.