More on Seniors
Today, U.S. Congressman Donald Norcross (NJ-01) voted to pass the Inflation Reduction Act. This legislation will help lower costs for working people by reigning in health care and prescription drug costs, investing in American manufacturing to bolster the production of clean energy, and ensuring billion-dollar corporations pay their fair share in taxes. The savings achieved in these areas will also decrease the national debt by $300 billion over the next decade.
“By amending the QDIA safe harbor, the LIFE Act will encourage more employers to adopt annuities as part of their default offering so that more Americans will be able to transition seamlessly from saving for retirement to benefitting from a guaranteed income stream when they retire.”
This week, Congressman Donald Norcross (D-NJ-01) visited the Katz Jewish Community Center in Cherry Hill to celebrate the $250,000 in community project funding he secured for the Jewish Federation of South Jersey to provide technology education for seniors.
WASHINGTON, DC – Today, Congressman Donald Norcross (D-NJ-01) released the following statement upon passing the Funding for the People Act (H.R. 2471), an omnibus package of 12 fiscal year 2022 appropriations bills and supplemental funding that includes $4.325 million for 10 community projects in New Jersey’s 1st Congressional District.
Today, Congressman Donald Norcross (D-NJ-01) issued the following statement following President Joe Biden’s first State of the Union Address.
Among the bills Schoening is watching is the Lifetime Income For Employees Act, or the LIFE Act, for short. Its supporters, led by Reps. Donald Norcross, D-New Jersey, and Tim Walberg, R-Michigan, say the legislation would allow annuities to be part of a default investment in an employer-provided 401(k), with the stated goal of supporting workers as they seek to build a steady, guaranteed income stream during retirement.
"As a retired electrician, I know first-hand how important pensions are to workers who rely on them for their retirement," Mr. Norcross said in a news release. "By creating 'individual pensions,' this legislation will provide hard-working Americans with a guaranteed income so they can retire with dignity."
WASHINGTON, DC – Today, Representatives Donald Norcross (D-NJ-01) and Tim Walberg (R-MI-07), who serve together on the House Committee on Education and Labor’s Health, Employment, Labor, and Pensions Subcommittee, reintroduced the Lifetime Income For Employees (LIFE) Act of 2022. This legislation would allow annuities to be a default in employer-provided 401(k) plans to deliver employees with a steady, guaranteed income during retirement.