Kathy Manning: “I thank Chairman Scott for yielding me this time. Madam Speaker, I rise in strong support of the Securing a Strong…”

“I thank Chairman Scott for yielding me this time. Madam Speaker, I rise in strong support of the Securing a Strong Retirement Act. Today, too many workers face difficulty saving for retirement. Even for those who have access to retirement plans, it can be difficult to grow and protect hard-earned savings. There are roughly 55 million Americans who lack access to a retirement savings plan at work, with many lacking any retirement savings at all. This is particularly true for women. Approximately 50 percent of women ages 55 to 66 have no personal retirement savings, compared to 47 percent of men, and only 22 percent of women have $100,000 or more in savings, compared to 30 percent of men. Women are also more likely than men to work in part-time jobs that don't qualify for a retirement plan and are more likely than men to quit work, transfer jobs, or interrupt their careers to care for family members, resulting in lower retirement savings. This is why I am proud to have my bill, the Improving Part-Time Workers Access to Retirement Act, included in this important legislation. This provision will make it easier for long-term part-time workers to access retirement by shortening the amount of time they are required to work for their employer in order to participate in their 401(k) plan. This will have an important impact on the ability of women and low-wage workers to be able to save for retirement.…”