Washington, D.C. – The House Ways and Means Committee, today, unanimously passed the Securing a Strong Retirement Act of 2021 (SECURE) out of committee, which includes two bipartisan pieces of legislation introduced by Congressman LaHood. The SECURE Act aims to help workers save for retirement and includes the Retirement Parity for Student Loans Act and the Public Service Retirement Fairness Act, provisions authored by Rep. LaHood.
"The bipartisan work done by the Ways and Means Committee with SECURE 2.0 will help Americans save for retirement at all stages of their career," said Rep. LaHood. "I am proud that key provisions I authored to help workers who are paying off student loans and ensure public servants are not limited in their retirement investment options were included in this package. As we recover from this pandemic, I look forward to working with my colleagues on both sides of the aisle to help Americans save for retirement and pass this bill."
The Securing a Strong Retirement Act of 2021
The SECURE Act or SECURE 2.0 is bipartisan legislation to help a greater number of Americans successfully save for a secure retirement. This legislation builds on previous bipartisan retirement legislation signed into law.
Retirement Parity for Student Loans Act
The Retirement Parity for Student Loans Act, introduced by Reps. Darin LaHood and Danny Davis included in SECURE 2.0, would permit 401(k), 403(b), SIMPLE and governmental 457(b) retirement plans to make matching contributions to workers as if their student loan payments were salary reduction contributions. Thereby reducing student loan debt and building retirement savings.
The provision has been widely praised by experts across the political spectrum.
Public Service Retirement Fairness Act
The Public Service for Student Loans Act, introduced by Reps. LaHood, Panetta, Estes, Boyle, Barr, and Dean and included in SECURE 2.0, would level the playing field and ensure public sector and non-profit retirement-savings programs have the same access to low-cost investments as private sector retirement plans do.
For more from the Ways and Means Republicans go here.
