House Passes Bonamici Plan to Help Protect Retirement Savings
WASHINGTON, DC [3/30/22] – The House passed bipartisan legislation with provisions by Congresswoman Suzanne Bonamici (OR-01) to help workers who move between jobs track, consolidate, and grow their retirement savings accounts.
The Securing a Strong Retirement Act of 2022, or SECURE Act 2.0 makes important bipartisan improvements that will increase enrollment in and access to retirement savings plans. It includes provisions based on Bonamici's Retirement Savings Lost and Found Act.
Video of Bonamici speaking in favor of the legislation on the House floor can be found here.
"As employers have shifted from pension plans to retirement plans, such as 401(k)s, workers have increasingly become responsible for tracking, managing, and consolidating their retirement accounts when they change jobs," Bonamici said on the House floor. "There is no standard way for workers to consolidate their accounts, and many workers lose track of their hard-earned investments…
"The SECURE Act 2.0 includes provisions from my Retirement Savings Lost and Found Act, which will help address the challenge of tracking retirement savings. My bill creates a national lost and found registry for retirement accounts housed at the Department of Labor. The lost and found registry will provide workers with a centralized way to track their retirement accounts and help workers claim their hard-earned retirement funds, regardless of how often they transition from job to job."
According to a Government Accountability Office report, about 25 million people changed jobs between 2004 and 2014 and left one or more retirement accounts behind.
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