Congresswoman Tenney Introduces the Expanding Access to Retirement Savings for Caregivers Act

Washington, DC– Congresswoman Claudia Tenney (NY-24) today, alongside Congressman Chris Pappas (NH-1), introduced the Expanding Access to Retirement Savings for Caregivers Act to address a disparity that family caregivers face when saving for retirement. 

Rep. Debbie Lesko (AZ-8) was also an original cosponsor. 

Specifically, this bill would amend current law to allow individuals who took at least one year out of the workforce and received no earned income primarily for the purposes of caring for a family member to make catch-up contributions in years prior to age 50. These former caregivers would be eligible to begin making catch-up contributions at age 50, minus the eligible number of years out of the workforce.

“Many individuals across the country take time away from work to care for a loved one, which can result in missed opportunities to save for retirement,” said Congresswoman Tenney. “Those who make such a difficult sacrifice should not be unfairly penalized. Our bipartisan bill would allow caregivers to put their families first without having to miss out on valuable retirement contributions. This would help us move away from a system that disadvantages caregivers and instead offer additional tools for them to contribute to their retirement savings.”

“Individuals who leave the workforce to provide care for a loved one should not be penalized on their retirement and forced to do more with less later in life," said Congressman Pappas. "This bipartisan legislation will allow caregivers to make catch-up payments to their 401Ks, IRAs, and other accounts so they don’t lose out on valuable retirement savings as a result of the time they took to help a family member in need."

Read the full text of the bill here.

###