On the recordMarch 29, 2022
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.…
