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Last night the U.S. House of Representatives passed the Securing a Strong Retirement Act of 2022 with overwhelming bipartisan support. The legislation (also known as SECURE 2.0) builds on the bipartisan House-passed SECURE Act of 2019 to help more Americans save for a financially-secure retirement by expanding coverage and increasing retirement savings.

The legislation just passed by the House included the text of Rep. Don Beyer’s bipartisan Legacy IRA Act, which would encourage charitable giving by American seniors by expanding the Charitable IRA Rollover to treat donations made by retirees to gift annuity programs as pre-tax income. Beyer introduced the bill with his Ways and Means Committee colleague Rep. Mike Kelly (R-PA).

Beyer entered the following statement into the Congressional Record:

“I rise today to speak in support of the bipartisan Securing a Strong Retirement Act which includes the Legacy IRA Act.

This legislation, led by my colleague Mike Kelly and I, would encourage charitable giving by American seniors.

Donating to charity is a hallmark of American society. We are fortunate to have one of the most generous countries in the world.

In spite of, or possibly because of, the upheavals in recent years, we have seen increases in American charitable giving to the highest levels in our history.

We must do all we can to encourage this impulse, particularly among middle-income seniors who wish to continue giving post-retirement.

The Legacy IRA Act would enable seniors to make tax-free contributions from their traditional IRAs to charities through life-income plans.

This bill is a win-win, for philanthropic seniors who want to continue giving, and for charitable organizations that benefit from donations.

I would like to thank Chairman Neal for his support in including this measure in the SECURE Act and Rep. Kelly for his partnership on this important legislation.

Thank you, I yield back the balance of my time.”