McBath, Democratic Colleagues Lead Legislation Protecting Retirement Security for Americans
Washington, DC — U.S. Representative Lucy McBath has introduced legislation in the House to help Americans save for retirement and safeguard their investments. The Protecting America’s Retirement Security Act (PARSA), H.R.7310, is co-sponsored by Education and Labor Committee Chairman Bobby Scott, Rep. Bonnie Watson Coleman, Rep. Joe Courtney, Rep. Lauren Underwood, Rep. Kathy Manning, and Rep. Teresa Leger Fernandez. This legislation will help Americans plan and save for retirement by improving protections for retirement plans, increasing awareness of potential fees, and supporting financial literacy with measures that will benefit workers, families, and employers.
“Hard-working families in Georgia and across the country deserve the opportunity to retire with security and dignity,” said McBath. “For many families in my district and across the country, we must work to realize the promise of a stable retirement spent with their loved ones, children, and grandchildren. Unfortunately, barriers and fees in the existing systems, loopholes in the fine print, and tight budgets in their day to day lives mean that goal can be far from reach. This bill seeks to change that and provide peace of mind to our neighbors. I am proud of the work we have undertaken on the Education and Labor Committee to improve and secure retirement benefits for millions of Americans. I thank my colleagues for their collaborationin this effort, and I look forward to continuing our work to support American workers, families, and businesses.”
"We must do everything we can to help workers plan and save for a secure retirement,” said House Education and Labor Committee Chairman Scott. “JJust last week, House Democrats and Republicans overwhelmingly passed legislation that would make key improvements to our retirement system. Congresswoman McBath’s bill – the Protecting America’s Retirement Security Act - would build on these improvements to further protect workers’ retirement savings and support families and employers. I look forward to advancing this important bill in the Education and Labor Committee this week.”
“Every American deserves to retire with dignity. For too many, the dream of a stable retirement seems out of reach,” said Watson Coleman. “The Protecting America’s Retirement Security Act is an important step in ensuring everyone has the opportunity to spend their retirement with loved ones without the fear of financial insecurity. The package includes my Refund to Rainy Day Savings Act that would allow taxpayer the option to defer a portion of their taxes into an interest earning account to help them weather unforeseen emergencies. I’m grateful to my colleague Congresswoman McBath for her work bringing these important proposals together to improve the lives of countless retirees.”
“As women strive for economic equality in this country, we need to make sure they have the opportunity for stable, secure retirement,” said Underwood. “The Protecting America's Retirement Security Act, which includes critical provisions from my bill, the Women’s Retirement Protection Act, extends spousal protections to 401(k)s and other contribution plans. We’re making sure no one’s spouse can make decisions that threaten their partner’s retirement savings without their knowledge and consent.”
“Nearly half of all private sector workers are missing out on the benefits of their employer-sponsored retirement plan and employer matching contributions. The years that employees are working without earning these savings could have a large impact on their retirement,” said Manning. “I am glad to see my legislation, the Auto Reenrollment Act of 2022, included in the Protecting America’s Retirement Security Act and I look forward to supporting this legislation to ensure that all Americans are getting their earned benefits while saving for their futures.”
"Everyone deserves the opportunity to have a stable and secure retirement. The Protecting America's Retirement Security Act would expand access to retirement accounts, make it easier to save for retirement, and ensure those savings are protected. It opens the door to a dignified retirement for countless Americans,” said Leger Fernández. "We must also provide resources for students to grow their financial literacy skills and better prepare for their financial future. I am glad to see my bill, the Financial Fitness Act, included in this retirement package to do just that.”
The Protecting America’s Retirement Security Act (PARSA) helps:
- Workers comprehend the fees they’re paying on their retirement investments.
- Americans – particularly recent college graduates – boost their financial literacy and navigate saving for retirement while managing student loan repayments.
- Spouses – particularly women – with sufficient protections in 401(k) plans.
- Employees reconsider a previous decision to not participate in their workplace retirement plan.
- Employers develop a succession plan for their businesses.
- Families build emergency savings for unexpected expenses.
This bill is endorsed by the Aspen Institute Financial Security Program, Change Machine, Golden State Opportunity, Local Initiatives Support Corporation (LISC), National Association for Latino Community Asset Builders (NALCAB), National Urban League (NUL), National Women’s Law Center (NWLC), National Alliance of Community Economic Development Associations (NACEDA), Neighborhood Partnerships, NETWORK Lobby for Catholic Social Justice, Prosperity Now, and SaverLife.
Contact: McBath Press (202) 225-4501
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