McEachin votes in favor of Strong Retirement Act of 2022

U.S. Congressman A. Donald McEachin (Virginia – 4th District) voted in support of H.R. 2954, the Securing a Strong Retirement Act of 2022 – bipartisan legislation designed to bolster and protect citizens’ retirement savings. The bill would expand retirement plan coverage and provide more saving options.

“After a lifetime working, paying taxes, and contributing to their communities, our seniors deserve a comfortable retirement without struggling to pay their bills,” said McEachin, whose district includes the eastern half of Henrico. “This bipartisan legislation takes commonsense steps to strengthen working people’s financial future as they recover from the economic disruptions caused by the pandemic. By improving access to retirement savings programs and increasing families’ savings, the Securing a Strong Retirement Act will help realize the promise of a well-earned retirement for all Virginians.”

The legislation will:
• expand automatic enrollment in 401(k) and 403(b) retirement plans;
• strengthen coverage for part-time workers in 401(k) plans;
• encourage small businesses to offer retirement plans;
• increase and modernize the Saver’s Credit to reward retirement contributions;
• raise the required minimum distribution age to 75, giving citizens more time to save for retirement.

“These changes will make saving for retirement easier and more achievable. I urge the Senate to support this critical legislation to ensure our hard-working, deserving seniors are able to live without financial disruption,” said McEachin.

Read the bill text for the Securing a Strong Retirement Act here.