From his perches on the U.S. House Ways and Means and the Budget Committees, U.S. Rep. Vern Buchanan scored a win as his proposal to offer employees of small businesses better retirement benefits cleared the U.S. House.
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 allowed 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.
“Too many hardworking Americans enter retirement without enough savings,” Buchanan said on Thursday. “We should be doing all we can to help people retire with independence, dignity and financial security.
"It’s clear that people need better access to retirement savings,” Buchanan added. “Congress should approve this bipartisan legislation to help retirees become more financially stable.”
Buchanan reeled in six cosponsors for his bill--including U.S. Rep. Francis Rooney, R-Fla., and U.S. Ron Kind, D-Wis.--and his bill was rolled into U.S. Rep. Mike Kelly’s, R-Penn., “Family Savings Act” which is now before the 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 the U.S. House Tax Policy Subcommittee. He faces Democrat David Shapiro, an attorney, in next month’s general election.