Pingree Votes to Strengthen Mainers’ Retirement Security
Washington, March 30, 2022
Tags: Supporting Seniors
On Tuesday, Congresswoman Chellie Pingree (D-Maine) voted for bipartisan legislation to bolster and protect Mainers’ retirement savings. By expanding retirement plan coverage and providing more saving options, the Securing a Strong Retirement Act will ensure more Mainers can retire with dignity and stability after a lifetime of work.
“Mainers pride themselves on being hard workers. When it comes time to retire, they should have resources they need to have a fulfilling and prosperous retirement. That’s why last night, I proudly voted the Securing a Strong Retirement Act, which will ensure that Mainers have the tools they need to plan for retirement,” said Congresswoman Pingree. “This bipartisan legislation takes common-sense steps to strengthen working people’s financial future as they recover from the challenges of the last two years. By improving access to retirement savings programs and increasing families’ savings, the Securing a Strong Retirement Act will help realize the promise of a well-earned retirement for all Mainers.”
As working Mainers recover from the COVID-19 pandemic, many are struggling to rebuild their savings. At the height of the pandemic, nearly one in four Americans either stopped contributing to their retirement accounts or withdrew from their savings. Passed by the House with an overwhelmingly bipartisan vote, the Securing a Strong Retirement Act will help the people of Maine get back on track toward a stable retirement.
Known as “SECURE 2.0,” this legislation builds on the progress of the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019 through several new reforms. Endorsed by a range of advocacy groups ranging from AARP to the American Red Cross, SECURE 2.0 will help Mainers save for retirement by:
· Expanding automatic enrollment in 401(k) and 403(b) retirement plans.
· Strengthening coverage for part-time workers in 401(k) plans.
· Encouraging small businesses to offer retirement plans.
· Increasing and modernizing the Saver’s Credit to reward retirement contributions.
· Raising the required minimum distribution age to 75, giving Mainers more time to save for retirement.
This legislation also gives Mainers more financial flexibility, allowing workers 50 and older to save more as they near retirement. Additionally, it allows Mainers to pay down student loans in lieu of a 401(k) contribution, while still saving for the future through an employer match. SECURE 2.0 also helps safeguard families’ savings, creating a searchable online database so that Mainers can recover lost retirement accounts.