Case Votes to Strengthen Hawai"i Residents' Long-Term Financial Security With Transformative Retirement Bill
Press Release
U.S. Congressman Ed Case (HI-01) voted today for bipartisan legislation he cosponsored to bolster and protect the people of Hawaii's retirement savings.
"By expanding retirement plan coverage and providing more saving options, our Securing a Strong Retirement Act will ensure more people can retire with dignity and stability after a lifetime of work", said Case. "This measure will expand the tools people need to plan for and achieve a secure retirement, especially as they recover from the challenges of the last two years."
As Hawai"i and the rest of the country 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 U.S. House with an overwhelmingly bipartisan vote, the Securing a Strong Retirement Act will help people 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 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 people more time to save for retirement.
Case said this legislation also gives people more financial flexibility, allowing workers 50 and older to save more as they near retirement. Additionally, it allows people 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 people can recover lost retirement accounts.
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