May 28, 2019 - Issue: Vol. 165, No. 89 — Daily Edition116th Congress (2019 - 2020) - 1st Session

[Extensions of Remarks]
[Page E679]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




   SETTING EVERY COMMUNITY UP FOR RETIREMENT ENHANCEMENT ACT OF 2019

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                               speech of

                           HON. JOYCE BEATTY

                                of ohio

                    in the house of representatives

                         Thursday, May 23, 2019

  Mrs. BEATTY. Madam Speaker, I rise today to voice my strong support 
for the Setting Every Community Up for Retirement Enhancement Act, H.R. 
1994, otherwise known as the SECURE Act.
  This bill will make it easier for all hardworking Americans to have 
access to retirement savings plans to create a brighter financial 
future for themselves and their families.
  In today's economy, far too many Americans do not have adequate 
access to traditional retirement savings vehicles such as an employer-
sponsored 401(k) plans and pensions.
  In fact, as of 2016, only 30 percent of American households had 
access to a defined-benefit plan and only 52 percent participated in a 
defined-contribution plan.
  These statistics are even starker for minority families.
  According to recent studies, while African-Americans participating in 
employer-based retirement plans were on par with White families, 
participation rates have dropped to 41 percent in 2013, compared to 65 
percent for White families.
  This bill would expand access to employer-sponsored retirement 
savings plans for all Americans and incentivize increased contributions 
to employee retirement accounts by employers.
  It would also provide a tax credit for small businesses to defray the 
costs of providing their employees certain 401(k) retirement options 
that include automatic enrollment, which has proven to increase 
employee participation and result in higher retirement savings.
  I urge my colleagues to support this important legislation.

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