releases: https://kelly.house.gov/press-release/house-passes-kelly-legislation-increase-retirement-savings-americans
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| https://kelly.house.gov/press-release/house-passes-kelly-legislation-increase-retirement-savings-americans | House Passes Kelly Legislation to Increase Retirement Savings for Americans | 2018-12-20 | 2018 | 2018-12 | Republican | House | PA | Mike Kelly | K000376 | kelly.house.gov | legacy | Year-end tax relief package includes text of three retirement reform bills authored by Rep. Kelly A secure retirement for every American should not be a partisan issue WATCH HERE WASHINGTON The U.S. House of Representatives this evening passed the Retirement, Savings, and Other Tax Relief Act of 2018 and the Taxpayer First Act of 2018 (also known as the House amendment to the Senate amendment to H.R. 88). The package includes major parts of legislation previously introduced by U.S. Representative Mike Kelly (R-PA) founder and co-chairman of the House Retirement Security Caucus and a member of the House Ways and Means Committee during the 115th Congress. These include the Family Savings Act of 2018 (H.R. 6757), the Retirement Enhancement and Savings Act of 2018 (H.R. 5282), and the Rightsizing Pension Premiums Act of 2017 (H.R. 3596). Floor statement by Rep. Kelly on H.R. 88 (as prepared for delivery): Thank you, Mr. Speaker, for bringing this incredibly important legislation to the floor for consideration. I rise in strong support of H.R. 88, a comprehensive package that will, in many different ways, help millions of American families save more of their own money for their future. Among H.R. 88's many features is a section that includes key elements of the three retirement reform bills that I have been proud to author, introduce, and champion over the last two years. One of those bills the Family Savings Act stood as one of the three pillars of Tax Reform 2.0, which this House passed with bipartisan support in September. With the passage of H.R. 88, much of that bill along with my bipartisan Retirement Enhancement and Savings Act and my bipartisan Rightsizing Pension Premiums Act will be one giant step closer to becoming law. In short, this package is a wonderful Christmas present for the American people that cannot come soon enough. As we know, Americans should be able to rely on three main sources of income to ensure full financial security during their retirement years: #1. Social Security, #2. Personal savings, and #3. Employer-sponsored savings plans. When it comes to that third source, an alarming number of Americans do not have access to an employer-provided 401(k) plan. And among those who do, a recent study found that 42% of them have less than $10,000 in their plan. Combined with the fact that more than 60% of Americans don't have enough cash to cover a $1,000 emergency expense, the passage of today's package is especially critical. Specifically, H.R. 88 will make it easier for small employers to pool together and offer retirement plans to their employees. This would help bridge the divide between the benefits that large employers might offer to their employees, and those that smaller employers only wish they could offer until now. Overall, this will help ensure that the next generation of Americans don't outlive their savings in retirement. One of the things I remember so clearly from growing up is my parents saying to me and my siblings, We never want to be a burden to you kids.' And I thought as a young person that I could never think of my parents as a burden to menot after everything they did for me. But just think about that for a minute: That generation the Greatest Generation' was telling us they never wanted to be a burden to the next generation. What we're talking about today is relieving the burden on the next generation by making it easier for people to go into retirement feeling that they have enough income to enjoy their golden years. H.R. 88 will accomplish this goal by giving Americans the tools they need to help them save for the future and build a secure retirement. A secure retirement for every American should not be a partisan issue. So today, let us come together as a unified body and send this bill to the Senate for the sake of every American's peace of mind during this season of peace. Before I conclude, I also want to highlight this bill's inclusion of two important tax credit provisions that will specifically help my constituents in Western Pennsylvania: H.R. 88 will make permanent the Railroad Track Maintenance Tax Credit for short-line railroads, and will extend the Biodiesel Tax Credit. Each of these actions will directly support local economic growth and job creation in rural communities across America, including our district. Last December, Congress came together to pass historic tax reform that put more money back in the American people's pockets. Twelve months later, let's pass another historic bill to help them save that money for the years when they need it most! Let's pass H.R. 88! General Summary of Provisions: Helps businesses provide retirement plans to their workers and helps families to start saving earlier and more throughout their lives.Includes provision expanding use of 529 accounts Modernizes the IRS and makestaxpayer service the focus of the agency by improving the ease and efficiency of thetaxpayer experience when filingtaxes, retrieving information, resolving issues, and making payments. 5-year delay of the Medical DeviceTax 2-year delay of the Health InsuranceTax 1-year delay of the excisetaxon high cost health plans (a.k.a. the Cadillac Tax) Repeal of the TanningTax Repeal of the Church ParkingTax Provision to allowtax-exempt charitable and educational organizations to make collegiate housing and infrastructure grants to specifiedtax-exempt social clubs, such as fraternities and sororities, in order to fund college and university housing. The Free Speech Fairness Act (repeal of the Johnson Amendment) Tax provisions related to disaster relief: Provides special rules allowing access to retirement funds, temporary suspension of limits on deductions for charitable contributions, allowance of deductions for personal casualty disaster losses, special rules for measurement of earned income for purposes of qualification for tax credits, and a special credit for employees to individuals and businesses affected by Hurricanes Florence and Michael, Typhoons Mangkhut and Yutu, California fires, Kilauea volcanic eruptions and earthquakes, and severe storms in Alabama, Hawaii, Indiana, North Carolina, Wisconsin, and Texas. A section-by-section summary of H.R. 88 can be viewed here. Organizations supporting H.R. 88: 60 Plus Association AALU AIG Allianz Life Insurance Company of North America American Association of Christian Schools American Business Defense Council American Commitment American Council of Life Insurers American Federation for Children American Fraternal Alliance Americans for Prosperity Americans for Tax Reform Ameritas Archdiocese of New York Archdiocese of Washington, DC Arizona School Choice Trust Association of Christian Schools International Association of Mature American Citizens Assurity Life Insurance Co. AXA Equitable Holdings, Inc. Boston Mutual Life Insurance Company Boy Scouts of America C.U.R.E. Center for Urban Renewal & Education California Catholic Conference Campaign for Liberty Canada Life Reinsurance CAPE Council for American Private Education Catholic Education Partners Center for a Free Economy Center for Individual Freedom Center for Worker Freedom Cetera Financial Group Children's First Foundation Children's Scholarship Fund Christian Schools International Church Alliance Coalition for Jewish Values Concerned Women for America LAC Connecticut Catholic Conference Council for Citizens Against Government Waste Digital Liberty EdTaxCredit50 Ethics and Religious Liberty Commission Faith & Freedom Coalition Family Business Coalition Family PAC Federal Family Research Council Key Vote Fidelity Security Life Insurance Company Florida Faith & Freedom Coalition FreedomWorks Genworth Financial, Inc. Girl Scouts of the USA Gleaner Life Insurance Society Hannover Life Reassurance Company of America Hawkeye Insurance Association Hispanic Leadership Fund Home School Legal Defense Fund HSA Coalition Independent Women's Forum Independent Women's Voice Insured Retirement Institute Invest in Education Coalition Jackson Holdings LLC Jewish United Fund/Jewish Federation of Metropolitan Chicago John Hancock Lincoln Financial Group LPL Financial Massachusetts Mutual Life Insurance Company Medico Insurance Company MetLife National Association for Fixed Annuities National Association of Insurance and Financial Advisors National Council of Farmer Cooperatives National Life Group National Rural Electric Cooperative Assoc. National Taxpayers Union Key Vote Nationalwide Financial NCEA National Catholic Education Association New York Family Research Foundation New York Life Insurance Company NTCAThe Rural Broadband Association OneAmerica Oxford Life Insurance Company Pacific Life Pan American Life Insurance Group Penn Mutual Principal Financial Group Protective Life Insurance Company Prudential Financial Reaching America Royal Neighbors of America Sammons Financial Group Securian Financial Group Security Benefit Life Insurance Company Small Business & Entrepreneurship Council Symetra Life Insurance Company and Affiliates Taxpayers Protection Alliance Texans for Education Opportunity Texas Public Policy Foundation The Guardian Life Insurance Company of America The Jewish Federations of North America Thrivent TIAA Tradition Family Property, Inc. Transamerica Corporation UJAFederation of New York, Inc. United Benefits Group Universal Guaranty Life Insurance Company US Council of Catholic Bishops USA Workforce Coalition USCCB U.S. Conference of Catholic Bishops Voya Financial ### | 1 | 2026-03-30T12:14:52Z | 2026-03-30T12:14:52Z |