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Senator Hassan’s Bipartisan Legislation to Help Expand Retirement Options Passed by Senate HELP Committee

Improving Access to Retirement Savings Act Would Help Give More Employers the Ability to Invest in Employees’ Retirement Plans

WASHINGTON - Today, the Senate Health, Education, Labor, and Pensions (HELP) Committee passed bipartisan legislation, including a measure authored by Senators Maggie Hassan (D-NH), Chuck Grassley (R-IA), and James Lankford (R-OK). The Improving Access to Retirement Savings Act makes it easier for employers who offer 403(b) plans, prevalent among tax-exempt organizations, to participate in multiple employer plans (MEPs) by allowing 403(b) plans. The measure was passed as part of a larger package Senator Hassan helped develop to improve retirement plans and create new options for employers.

“I’m pleased to see my bipartisan legislation to help expand access to retirement plans pass Committee and get one step closer to becoming law,” said Senator Hassan. “This is a commonsense, bipartisan measure that will help more Americans retire with dignity, and give small employers the tools that they need to invest in their employees’ futures. As New Hampshire small employers work to attract employees, this legislation will help strengthen small employers’ retirement options and provide greater retirement security for Granite Staters.”

Senator Hassan has long worked to reform and strengthen Americans’ retirement security. She worked to 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, and the package that passed today builds on this critical legislation.

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