WASHINGTON – U.S. Reps. Chris Pappas (D-N.H.) and Jackie Walorski (R-Ind.) introduced H.R. 3644, the Expanding Access to Retirement Savings for Caregivers Act. The bill would allow individuals that took at least one year out of the workforce without receiving an earned income, for the purposes of caring for a family member, to make catch-up contributions in years prior to age 50 to their 401(k) plans, individual retirement accounts (IRAs), and other eligible retirement accounts.

“Those who leave the workforce to provide care for a loved one should not be short-changed on their retirement and forced to do more with less later in life,” said Congressman Chris Pappas. “This bipartisan legislation will help level the playing field so caregivers can begin making catch-up payments to their 401Ks, IRAs, and other accounts sooner and not lose out on valuable retirement savings as a result of the time they took to help a family member in need.”

“Taking time away from work to care for a loved one often results in missed opportunities for hardworking Americans – especially women – to save for retirement,” Congresswoman Walorski said. “These caregivers should not be penalized for putting their families first. This bipartisan bill would ensure these caregivers have access to critical retirement savings tools by allowing them to start catch-up contributions to their retirement accounts sooner.”