This week, U.S. Rep. Vern Buchanan, R-Fla., brought back his proposal to offer employees of small businesses better retirement benefits.
Buchanan introduced his “Retirement Security for American Workers Act” back in February 2017. When he talked about the proposal at the end of 2016, he said his legislation “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.”
Buchanan’s bill allows small businesses to work together in “multiple employer plans” (MEPs) which he insists will lower costs and make more businesses offer retirement benefits. The Florida Republican cited figures from the Pew Charitable Trusts which shows more than a third--35 percent--of workers in the private sector over the age of 22 work for employers that do not offer retirement benefits.
Buchanan had some momentum with his bill at the end of last year, getting it through the House as part of U.S. Rep. Mike Kelly’s, R-Penn., “Family Savings Act” in October but the bill did not clear the U.S Senate.
“The American people need improved access to retirement savings,” Buchanan continued. “Congress should approve this bipartisan legislation and help retirees reach a stronger state of financial stability.”
U.S. Rep. Ron Kind, D-Wisc., is back as the main cosponsor of Buchanan’s bill.
The bill was sent to the U.S. House Education and Labor and the Ways and Means Committee, which Buchanan sits on, on Wednesday. So far, there is no counterpart in the U.S. Senate.
First elected to Congress in 2006, Buchanan represents parts of Southwestern Florida in Congress. Buchanan currently is one of the co-chairs of the Florida delegation and he leads Republicans the U.S. House Trade Subcommittee.
