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Congresswoman Gwen Moore Joins Ways and Means Committee in Approving SECURE 2.0 Act and Commends Inclusion of Her Bipartisan Legislation to Support Domestic Violence Survivors
This week, Congresswoman Moore joined the Ways and Means Committee in advancing the H.R. 2954, the Securing a Strong Retirement Act of 2021, a package of retirement security bills, which included her bipartisan legislation introduced with Representatives McBath and Smucker, H.R. 2953, the Savings Access for Escaping and Rebuilding Act, (SAFER) Act. In response, she released the following statement:
“Americans who worked hard their entire lives and invested in their financial security should have the resources to retire. I am committed to working with my Ways and Means Committee colleagues to make this a reality for every American worker. I supported passage of this legislation, which builds on the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019 that was signed into law last Congress, because it will expand opportunities to increase retirement savings and improve workers’ long-term financial wellbeing.
“This package includes so many important initiatives, such as expanding automatic enrollment in retirement plans, delaying the age when minimum distributions must start, increasing the allowed “catch-up” contributions to retirement plans for people ages 62 through 64, and allow workers to get 401(k) matching contributions (from employers) when they pay student-loan debt instead of contributing to their retirement savings account.
“I am especially honored that the package we approved this week includes my bipartisan bill, the SAFER Act, which allows domestic abuse survivors to withdraw funds from their retirement savings to begin a new life without facing the early withdrawal tax. This is an exciting advancement of this bill, that would support domestic abuse survivors’ financial independence and their safety.”
A section-by-section summary of the bill can be found HERE.
Full text of the legislation is available HERE.