03.29.22

WATCH: Chairman Scott Supports Bipartisan Securing a Strong Retirement Act

“This legislation makes meaningful improvements in our retirement system, helping Americans prepare for and achieve the secure retirement they deserve.”

WASHINGTON – Today, Education and Labor Committee Chairman Robert C. “Bobby” Scott (VA-03) delivered the following remarks on the House floor in support of H.R. 2954, a  bipartisan proposal that makes critical improvements to our retirement system. 

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View Chairman Scott’s full remarks on YouTube

“Madame Speaker, I rise in support of H.R. 2954, the Securing a Strong Retirement Act of 2022, which incorporates the bipartisan Retirement Improvement and Savings Enhancement Act – or RISE Act – that the Committee on Education and Labor approved by voice vote last fall.  I want to thank the gentleman from Massachusetts, Mr. Neal, for his work in incorporating this legislation in the SECURE 2.0.

“Our Committee was able to reach a bipartisan agreement on the RISE Act thanks in large part to the leadership of the Chairman and Ranking Member of our Health, Employment, Labor, and Pensions Subcommittee, the gentleman from California, Mr. DeSaulnier, and the gentleman from Georgia, Mr. Allen.  I want to recognize and thank them for their important contributions to this bill. 

“American workers deserve to earn a decent wage and the ability to retire with dignity and security.  Unfortunately, far too many Americans are working later in their lives and still relying on the next paycheck to cover monthly expenses.  This legislation makes meaningful improvements in our retirement system, helping Americans prepare for and achieve the secure retirement they deserve.

“I am particularly pleased that this bill incorporates several key priorities authored by Committee on Education and Labor Members. 

“For example, it includes legislation sponsored by the gentlelady from Oregon, the Chair of the Subcommittee on Civil Rights and Human Resources, Ms. Bonamici, which creates an online “Retirement Lost and Found” database at the Department of Labor to help workers locate their hard-earned retirement savings as they move from job to job. According to the Government Accountability Office, more than 25 million people who changed jobs between 2004 to 2014 left behind one or more retirement accounts. Establishing this kind of database at the Labor Department is necessary and long overdue.

“The bill includes legislation sponsored by the gentlelady from North Carolina, Ms. Manning, which reduces barriers preventing part-time workers from participating in their employer’s retirement savings plans. This simple change will benefit many part-time workers, particularly women. 

“It also includes legislation sponsored by the gentleman from Indiana, Mr. Mrvan, requiring the Department of Labor to review and update guidance from the mid-1990’s regarding pension risk transfers.

“Importantly, Madame Speaker, this bill offers us the opportunity to send a message to workers and retirees across the country that their retirement security is a critical priority for every Member of this House.

“So, I urge my colleagues to support this critical bill and I reserve the balance of my time.”

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