Press Releases

Click here for information on Blunt Rochester’s Increasing Access to a Secured Retirement Act.

WASHINGTON, D.C. — Today, Congresswoman Lisa Blunt Rochester (DE-AL), issued the following statement after voting to pass H.R. 1994, the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019. The SECURE Act would make significant reforms to help ensure Americans obtain a financially sound retirement. The bill includes the Increasing Access to a Secure Retirement Act, a key provision led by Reps. Blunt Rochester and Tim Walberg that will make it easier for small businesses to offer annuities as part of an employee’s retirement benefits package. Rep. Blunt Rochester is also co-sponsor of the Secure Act, which passed with broad bipartisan support in a 417-3 vote.

“According to the Federal Reserve Bank of St. Louis, over 1 in 3 surveyed households do not participate in a retirement plan today. This is an urgent issue that needs to be addressed so that all American families have access to the tools to save for a financially-secured retirement,” said Congresswoman Blunt Rochester. “The SECURE Act provides employers and employees alike with more tools in the toolbox to boost savings across the board. I am proud that my bill with my Republican colleague Congressman Walberg was included in this package, and I believe that the broad bipartisan support is a signal that we can make real progress and give everyone a shot at retirement security. I look forward to continue working with my colleagues to help usher this bill through the Senate and into law.”

The SECURE Act, with Rep. Blunt Rochester’s provision, will help millions of Americans save more for retirement and retire with financial peace of mind. Currently, only 10% of Americans have retirement plans that officer guaranteed lifetime income products due to the confusing regulatory burdens placed on employers. Reps. Blunt Rochester and Walberg’s bill would create a safe harbor and clarify annuity rules surrounding these plans to help Americans secure their retirement.

Additional key provisions of the SECURE Act include repealing the maximum age for IRA contributions, increasing the tax credit for retirement plan start-up costs, and increasing the limit to auto escalation for auto-enrollment. These substantial changes to the U.S. retirement system will make it easier for employers, including small businesses, to offer plans and include annuities as options for workers. If passed into law, an estimated 600,000 to 700,000 new retirement accounts may be created due to the SECURE Act.

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