House Ways and Means Committee Chairman Richard E. Neal (D-MA) applauded the U.S. Supreme Court’s decision to not take up Howard Jarvis Taxpayers Association, et al., Petitioners vs. The California Secure Choice Retirement Savings Program, et al., which threatened the future of California’s automatic IRA program:
“In declining to take up this case, the Supreme Court has delivered a major victory in our fight to put an end to the retirement savings crisis. Nearly half of our nation’s private sector workers work for employers that do not offer retirement plans, contributing to the almost one-third of Americans without any retirement savings. My proposal to create a federal automatic IRA program would give these workers a critical financial planning tool and dramatically increase retirement savings. I’m encouraged by the 14 states that have already enacted similar programs, but it’s time for the federal government to join them. A federal program would create a cohesive, national standard, making it easier for employers operating across state lines and improving more Americans’ long-term financial security.
“We cannot allow the retirement crisis to worsen. I look forward to building on the Ways and Means Committee’s bipartisan retirement accomplishments and expanding workers’ opportunities to save.”
The Ways and Means Committee passed the Securing a Strong Retirement Act of 2021 out of Committee last Spring and included an automatic IRA provision in the Build Back Better Act.
Original source can be found here.
