Rich Neal: “Oftentimes in this Chamber, you will hear the phrase ``transformative.'' Sometimes it is hyperbolic, but on this…”

“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.…”