Vern Buchanan, currently on his congressional reelection bid, has just scored a legislation win as his proposal to offer small business employees better retirement benefits was just passed by the U.S. House.
Introduced in February of last year, the “Retirement Security for American Workers Act” “makes it less costly for small businesses to offer retirement benefits, and could help the more than 76 million Americans who work for companies that do not offer the opportunity to save for a secure retirement.”
With the help of six cosponsors, the “Family Savings Act” is now before the Senate.
Specifically, the bill ensures that small businesses are allowed to work in tandem through “multiple employer plans” that will lower costs and make businesses offer retirement benefits.
In response to the legislation, Buchanan commented “Too many hardworking Americans enter retirement without enough savings. We should be doing all we can to help people retire with independence, dignity and financial security.”
He also added that “It’s clear that people need better access to retirement savings. Congress should approve this bipartisan legislation to help retirees become more financially stable.”
Buchanan attributes the effectiveness of the legislation to figures from the Pew Charitable Trusts that show more than a third of workers, roughly 35 percent, in the private sector that are over the age of 20 that work for employers that don’t offer them retirement benefits.