Senator Hassan Cosponsors Sweeping Bipartisan Bill to Strengthen Retirement Security

WASHINGTON – U.S. Senator Maggie Hassan, a member of the Senate Finance Committee, cosponsored comprehensive, bipartisan legislation to strengthen retirement security for Granite Staters and Americans. The bipartisan Retirement Security & Savings Act includes measures championed by Senator Hassan to help more Americans save for retirement, including her bipartisan bill with Senator Susan Collins (R-ME) to expand retirement savings for military spouses, as well as legislation she previously cosponsored to allow employers to match student loan payments with employee retirement contributions.

“Granite Staters who put in years of work to provide for their family have earned the right to be able to retire comfortably when the time comes, but right now, a comfortable retirement is out of reach for far too many,” Senator Hassan said. “This comprehensive, bipartisan legislation would take important, long overdue steps to help Americans build up their retirement savings so that they can retire with dignity. I am pleased to have secured important Granite State priorities in the bill that will help military spouses and workers with student debt more easily save for retirement, and I will keep working with my colleagues on both sides of the aisle to move this bill forward.”

The bipartisan bill includes a broad set of reforms to strengthen Americans’ retirement security, including:

• Allowing people to save more for retirement as they approach retirement age;
• Helping small businesses offer 401(k)s and other retirement plans;
• Expanding access to retirement savings plans, including for low-income Americans and part-time workers without coverage; and
• Providing more flexibility during Americans’ retirement years.

The Retirement Security & Savings Act also includes bipartisan legislation that Senator Hassan previously cosponsored to return billions of dollars to Americans through a national, online “lost and found” website to track retirement accounts as people move between jobs.

This bill builds on efforts to help address the retirement savings gap in the Setting Every Community Up for Retirement Enhancement (SECURE) Act that was included in the 2019 government funding bill. The SECURE Act that passed into law included bipartisan provisions introduced by Senator Hassan to help small businesses offer retirement programs to their employees.

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