{"database": "press", "table": "releases", "rows": [["https://schweikert.house.gov/2022/03/29/congressman-schweikert-releases-statement-on-the-securing-a-strong-retirement-act/", "Congressman Schweikert Releases Statement on the Securing a Strong Retirement Act", "2022-03-29", "2022", "2022-03", "Republican", "House", "AZ", "David Schweikert", "S001183", "schweikert.house.gov", "schweikert", "https://schweikert.house.gov/category/congress_press_release/", "scraper", "WASHINGTON, D.C. \u2013 Today, Congressman David Schweikert (AZ-06) released the following statement after the Securing a Strong Retirement Act passed the House of Representatives.\n\n\u201cOne of the most important things Congress can do is ensure retirement security for all Americans,\u201d said Rep. Schweikert. \u201cThis bill, the Securing a Strong Retirement Act, will do just that. I am proud to have led legislation included in this package that increases the catch-up contribution limit to $10,000 for individuals aged 62, 63, and 64, and allow small businesses to decide how much to set aside in a 401(k) when they are preparing their tax return, rather than at the end of the year.\u201d\n\n\u201cThrough the Securing a Strong Retirement Act, we will help more people save for retirement regardless of their career stage, provide small businesses an opportunity to set up retirement plans for their employees, and ensure peace of mind for the millions of Americans gearing up for retirement.\u201d\n\nBackground\n\nCongressman Schweikert sponsored the following pieces of the Securing a Strong Retirement Act:\n\nAuto-enrollment for new plans \u2013 New defined contribution retirement plans are\n\nrequired to auto-enroll eligible employees with an initial 3% contribution increasing by 1% annually until it reaches 10%, and participants may opt out at any time. Exemptions from auto-enroll requirement: companies with 10 or fewer employees or in business less than 3 years, church plans, and governmental plans. Ceiling increases from 10% to 15% in 2025. New employees may elect a lower ceiling during onboarding process and within 90 days of the start of withholding.\n\nExpand small business startup credit for employers with up to 50 employees \u2013\n\nCurrent 50% credit for admin costs is increased to 100%. New additional credit for employer matching contributions of up to $1,000 per employee, with phaseouts.\n\nDouble catch-up contributions in 3 years prior to age 65 \u2013 Increase catch-up\n\ncontribution limit to $10,000 per year for individuals aged 62, 63, and 64.\n\nExpand options for contributions from retirement accounts to charity \u2013 Index to\n\ninflation the current $100,000 annual limit for contributions from an IRA, and allow\n\na one-time gift of up to $50,000 to a charitable gift annuity or charitable remainder\n\ntrust (also known as split-interest entities).\n\nRepayment of birth or adoption distributions \u2013 clarifies that withdrawal from\n\nretirement funds for qualified birth or adoption will not incur a penalty if funds are\n\nrestored to the plan within 3 years.\n\nAllow Solo 401(k) plans to fund employer and employee contributions for the\n\nfirst year of the plan by April 15th of the following year.\n\nTo read the full text of the bill, click here.\n\n###", 1, "2026-03-30T01:40:41Z", "2026-04-08T02:06:17Z"]], "columns": ["url", "title", "date", "year", "month", "party", "chamber", "state", "member_name", "bioguide_id", "domain", "scraper", "source", "date_source", "text", "has_text", "collected_at", "updated_at"], "primary_keys": ["url"], "primary_key_values": ["https://schweikert.house.gov/2022/03/29/congressman-schweikert-releases-statement-on-the-securing-a-strong-retirement-act/"], "units": {}, "query_ms": 1.2172588612884283, "source": "dwillis/congress-press", "source_url": "https://github.com/dwillis/congress-press", "license": "MIT", "license_url": "https://github.com/dwillis/congress-press/blob/main/LICENSE"}