Washington, DC — Today, two pieces of legislation led by U.S. Representative Lucy McBath were amended and approved by the House Committee on Education and Labor. The Protecting America’s Retirement Security Act (PARSA), H.R.7310, and the Training Retention and Investment Now for a Better America (TRAIN for a Better America) Act, H.R.7385, were marked up and advanced out of the Committee. PARSA will help Americans plan and save for retirement by improving protections for retirement plans, increasing awareness of potential fees, and supporting financial literacy with measures that will benefit workers, families, and employers. TRAIN for a Better America will help build a competitive American workforce, provides educational opportunities and creates better careers, and prepares hard-working Americans for new, good-paying jobs. McBath spoke about her bills during the Committee proceedings, and the video can be seen here.
“Hard-working families in Georgia and across the country deserve the opportunity to retire with security and dignity,” said McBath. “For many families in my district and across the country, we must work to realize the promise of a stable retirement spent with their loved ones, children, and grandchildren. Unfortunately, barriers and fees in the existing systems, loopholes in the fine print, and tight budgets in their day to day lives mean that goal can be far from reach. This bill seeks to change that and provide peace of mind to our neighbors. I am proud of the work we have undertaken on the Education and Labor Committee to improve and secure retirement benefits for millions of Americans, and I thank my colleagues for their collaboration in this effort. I look forward to continuing our work to support American workers, families, and businesses.”
The Protecting America’s Retirement Security Act (PARSA) helps:
- Workers comprehend the fees they’re paying on their retirement investments.
- Americans – particularly recent college graduates – boost their financial literacy and navigate saving for retirement while managing student loan repayments.
- Spouses – particularly women – with sufficient protections in 401(k) plans.
- Employees reconsider a previous decision to not participate in their workplace retirement plan.
- Employers develop a succession plan for their businesses.
- Families build emergency savings for unexpected expenses.
“As our country continues to emerge from one of the worst economic crises in decades, we must continue our efforts to prepare hard-working Americans with the skills and tools they need to succeed, and to help our nation create a workforce that will continue to grow and compete long into the future,” continued McBath. “Community colleges and technical schools are vital components of a strong workforce pipeline, and are often one of the few options available to low-income and non-traditional learners hoping to better themselves and their families through hard work and education. I am very proud that my bill is included in the Workforce Innovation reauthorization package as we continue to connect recent community college and technical school graduates with employers. The TRAIN for a Better America Act is an important step in developing career training and pathways, assisting Americans with barriers to employment, and providing support services as they build their futures.”
The TRAIN for a Better America Act codifies into law and expands a Department of Labor program authorizing a competitive grant program that aims to build community colleges’ capacity to provide employment and training programs leading to post-secondary credentials for in-demand industries or occupations.