SETTING EVERY COMMUNITY UP FOR RETIREMENT ENHANCEMENT ACT OF 2019
Mr. SCOTT of Virginia. Madam Speaker, I thank the gentleman for yielding.
I rise in support of the SECURE Act, a bipartisan proposal to address our Nation's retirement security crisis. Several of the bill's provisions are under the jurisdiction of the Committee on Education and Labor, and I would like to discuss two of them.
First, the SECURE Act makes it easier for small businesses to band together to form multiple employer plans. This is expected to increase workers' access to retirement savings programs with potentially lower cost investment options.
Second, the SECURE Act includes a carefully and narrowly tailored safe harbor for the selection of an
annuity provider for 401(k) plans. This limited safe harbor is intended to ease employers' concerns about their fiduciary liability and to expand workers' access to annuities and other lifetime income options.
I thank Chairman Neal and Ranking Member Brady for their leadership, and I urge my colleagues to support the SECURE Act.