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Democratic 2022 Representative In Congress

RICHARD E. NEAL

Congressman Neal has spent his career dedicated to serving others, motivated by the experiences of people he has met along the way and his own personal story. Throughout his district and across the nation, he is known as a champion of the middle class, an advocate for fairness, and a voice of reason. Former western Massachusetts Congressman John Olver has called him “one of the most powerful voices in the Democratic caucus.”

Retirement

Every American deserves to be financially secure in retirement.  One of my long-time priorities in Congress is to help Americans meet that goal.”

Our employer retirement system has been successful in helping many Americans prepare for retirement, especially those who work for large employers and the government.  However, nearly half of American private sector employees work for an employer that does not offer a retirement plan.  This is especially true of those who work for small businesses.  Therefore, we need to do more to ensure that every American has an opportunity to save at work to prepare for a financially secure retirement. 

 

Thousands of workers’ retirements are also at risk because of the multiemployer pension crisis.  These are hard-working Americans who did everything right in preparing for retirement.  For years they contributed towards their pensions with the expectation that they could retire with dignity but now many of these Americans are in retirement and through no fault of their own, they may experience a cut to their pensions.

Congressman Neal has been a long-time champion of reforms to help Americans prepare for financial security in retirement, including:

  • Introduced legislation to require employers that do not currently sponsor a retirement plan offer their employees with an opportunity to save for retirement at work
     
  • Proposed enhancing the Saver’s Credit to ensure that all middle-class families are provided with an incentive to save
     
  • Working to make it easier for part-time workers to save by ensuring that long-term, part-time workers can participate in their employer’s 401(k) plan
     
  • Introduced legislation to provide troubled multiemployer pension plans with low interest rate loans to pay retirees’ pensions and ensure that these workers do not see a benefit cut
     
  • Encouraging employers to offer lifetime income options in defined contribution retirement plans to make it easier for workers to manage their assets in retirement