Congressman Crow’s Bipartisan Legislation to Help Military Families Save for Retirement Advances to House Floor
WASHINGTON - The Ways and Means Committee today voted to pass the bipartisan Securing a Strong Retirement Act of 2021, which included the Military Spouses Retirement Security Act introduced by Reps. Jason Crow (D-CO) and Brad Wenstrup (R-OH). The Military Spouses Retirement Security Act would help spouses of active duty service members save for retirement by expanding access to employer-sponsored retirement plans.
“When someone takes the oath to serve, the whole family serves. Deployments and frequent relocations can take a real toll on military families, especially military spouses that are often forced to put their own careers on hold to support their partners’ service,” said Congressman Jason Crow. “Our bipartisan legislation would encourage small business employers to provide military spouses with a retirement plan, providing needed financial security and stability to military families. I’m glad to see it included in the Securing a Strong Retirement Act and look forward to a vote on the House floor.”
Spouses of active duty servicemembers often face additional barriers to saving for retirement. According to the Department of Defense, about one-third of military service members experience a permanent change of station every year. When service members move, their spouses often relocate with them, putting their own careers on hold.
Crow’s bipartisan legislation was included in a larger package introduced by Ways and Means Committee Chairman Richard E. Neal (D-MA) and Ranking Member Kevin Brady (R-TX) to help more Americans successfully save for a secure retirement. Now that the package has passed the Ways and Means Committee, it is expected to advance to the House floor for a vote.
More details on the Military Spouses Retirement Security Act can be found here.