On the recordDecember 3, 2019
as more Americans enjoy longer lives than ever before, it is more crucial than ever that retirement plans and the policies that govern them keep pace with healthcare innovation and demographic change. That is the reason why a bipartisan coalition in both houses of Congress has proposed the SECURE Act, to modernize retirement savings policies. For the first time, it would give businesses the option to band together to create pooled retirement plans for their employees, helping them save time and money and expanding access to millions of workers to an indispensable job benefit. This would especially help small businesses who would love to offer their employees retirement plans but simply cannot afford it on their own. It would allow graduate and postdoctoral students to save for their retirements by contributing income from their stipends and fellowships to Individual Retirement Accounts. And it would allow parents to withdraw retirement funds, without penalty, for the birth or adoption of a child, providing special help to younger families when they need it most. I support all of the above provisions, and to see them enacted, I am willing to accept multiple provisions in this bill that I oppose. Unfortunately, one provision goes over the line, would hurt the very workers it purports to help, and would set a dangerous precedent for Federal policy.…
