Introductory Statement on S. 4291

On 2026-04-14, Senator Susan M. Collins (R-ME) delivered a floor speech titled "Introductory Statement On S. 4291" in the Senate. The speech addressed healthcare and also covered foreign policy, trade policy. It referenced legislation including S4291, S1741, S1743, among other bills.

Introductory Statement on S. 4291

Congressional Record, Volume 172 Issue 65 (Tuesday, April 14, 2026) [Congressional Record Volume 172, Number 65 (Tuesday, April 14, 2026)] [Senate] [Pages S1741-S1743] From the Congressional Record Online through the Government Publishing Office [ www.gpo.gov ] By Ms. COLLINS (for herself and Mr. Warner): S. 4291. A bill to amend the Internal Revenue Code of 1986 to allow additional catch-up contributions for certain family caregivers; to the Committee on Finance. Ms. COLLINS. Mr. President, I rise today to introduce two bills: the Improving Retirement Security for Family Caregiver Act and the Catching Up Family Caregivers Act. These bills, which I am introducing today with my colleague from Virginia Senator Warner, would enable family caregivers to better save for retirement. Family caregivers play an important role in American society, providing uncompensated care for millions who often need assistance 7 days a week. While they devote themselves to providing care for our Nation's children, seniors, and other loved ones, they often suffer economically. According to a study by the Edward Jones Grassroots Taskforce, 64 percent of American women say their caregiving duties have had a negative impact on their ability to save towards their long- term financial goals, and more than half have had to take on fewer professional responsibilities due to caregiving. While it is difficult to put a dollar amount to the value of the devotion, time, and services that these caregivers provide, the Alzheimer's Association has estimated that in 2023 family caregivers provided $350 billion in uncompensated dementia care. Our retirement system needs to accommodate this enormous commitment by helping ensure that family caregivers do not fall short of what they need for their own retirement. That is exactly what the two bills Senator Warner and I are introducing today would do. Our legislation would enable family caregivers to contribute to their retirement funds even if they are not making significant income. Under current law, contributions to Roth IRAs are capped at $7,000 or yearly income, whichever is less. This severely limits the amount a family caregiver earning less than $7,000 can contribute to a retirement account. The Improving Retirement Security for Family Caregivers Act would eliminate the yearly income cap for family caregivers, enabling them to contribute up to $7,000 annually to a Roth IRA. Our current retirement system allows those over the age of 50 to make ``catch-up'' contributions above the statutory limit, the idea being that those in their fifties have more discretionary income to put toward retirement than they did when they were younger. In the same way, the Catching Up Family Caregivers Act would allow family caregivers to take advantage of ``catch-up'' contributions for every year they were sidelined from the workforce as a family caregiver. These complimentary bills would allow family caregivers to invest more in their retirement funds now and later. The bills have earned the support of important stakeholder organizations [[Page S1742]] that work with family caregivers, such as the Insured Retirement Institute. In a letter in support of the bills, the IRI wrote: ``While a noble and selfless decision, leaving the workforce is often the only option an individual has when seeking to provide the necessary care for a family member. Not only does this severely reduce or eliminate a caregiver's income, but their ability to participate in workplace retirement savings plans and save for retirement is also lost. The solutions offered by the Improving Retirement Security for Family Caregivers Act and the Catching Up Family Caregivers Act provide caregivers eligibility to contribute to Roth IRAs and enhance their ability to catch up once they return to the workforce.'' I note that both pieces of legislation are also endorsed by the Securities Industry and Financial Markets Association, SIFMA, the American Benefits Council, the Edward Jones Grassroots Task Force, the Insured Retirement Institute, and the Women's Institute for a Secure Retirement, WISER. The Alzheimer's Association and the Alzheimer's Impact Movement have also endorsed the Catching Up Family Caregivers Act. Mr. President, I ask unanimous consent that the letter from the Alzheimer's Association and the Alzheimer's Impact Movement be included in the Record immediately following my remarks, along with letters from Edward Jones Grassroots Taskforce, the American Benefits Council, the Insured Retirement Institute, IRI, and the Women's Institute for a Secure Retirement, WISER. I am grateful for the support of these groups who know how important these retirement reforms will be to the financial security of caregivers who sacrifice for their loved ones. I urge my colleagues to support our legislation. There being no objection, the material was ordered to be printed in the Record, as follows: American Benefits Council, March 4, 2026. Dear Senators Collins and Warner: On behalf of the American Benefits Council (``the Council''), I am writing to express our strong support for the introduction of the ``Catching Up Family Caregivers Act of 2026'' and the ``Improving Retirement Security for Family Caregivers Act of 2026.'' The Council is a Washington, D.C.-based employee benefits public policy organization. The Council advocates for employers dedicated to the achievement of best-in-class solutions that protect and encourage the health and financial well-being of their workers, retirees and their families. Council members include more than 220 of the world's largest corporations and collectively either directly sponsor or support sponsors of health and retirement benefits for virtually all Americans covered by employer-provided plans. American family members have always served as essential caretakers for infants and young children, the infirm, and the elderly. They are the foundation of caretaking that underpins the health care system today. The caregivers who make up that critical foundation are themselves in need of more support. For too many individuals, the act of caregiving compromises both their physical health and their financial well-being, including their ability to save for retirement. In fact, an EBRI survey found that one-quarter of caregivers have less than $1,000 in savings and investments (compared with 15% of non-caregivers), and caregivers are more likely (64%) than non-caregivers (52%) to say that debt is a problem. The effect of caregiving on retirement savings can be particularly adverse. A 2022 survey by the Transamerica Institute asked caregiving and non-caregiving workers whether they agree with the statement ``Debt is interfering with my ability to save for retirement." Sixty percent of caregiving workers agreed with that statement whereas 48% of non- caregiving workers agreed. For those workers who have been able to save for retirement, the same survey found that caregiving workers are nearly twice as likely as non- caregivers to have ever taken a loan, early withdrawal, and/ or hardship withdrawal from their 401(k) or similar plan or IRA (54% and 27%, respectively). Your bills would provide caregivers with critical new tools to address the retirement security challenges they face. We support your efforts and look forward to working with you toward enactment of these bills. Sincerely, Lynn Dudley, Senior Vice President, Global Retirement and Compensation Policy. ____ Dear Senator Collins and Senator Warner: On behalf of the Alzheimer's Association and the Alzheimer's Impact Movement (AIM), including our nationwide networks of advocates, thank you for your continued leadership on issues and legislation important to Americans with Alzheimer's and other dementias, and to their caregivers. The Alzheimer's Association and AIM are proud to support the bipartisan Catching Up Family Caregivers Act, which would make family caregivers eligible for an extra year of the highest catch up contribution levels for up to five years. Nearly 7 million people in the United States are living with Alzheimer's, and over 11 million Americans provide unpaid care for people with Alzheimer's or other dementias. In 2023, unpaid caregivers provided an estimated 18.4 billion hours of care valued at nearly $350 billion. As more people are diagnosed with Alzheimer's, the need for caregivers will only grow. Additionally, eighty-three percent of the help provided to older adults in the United States comes from family members, friends or other unpaid caregivers. Nearly half of all caregivers who provide help to older adults do so for someone living with Alzheimer's or another dementia. Alzheimer's takes a devastating toll on caregivers. Compared with caregivers of people without dementia, twice as many caregivers of those with dementia indicate substantial emotional, financial and physical difficulties. Additionally, about 25% of dementia caregivers are `sandwich caregivers', meaning that in addition to caring for a family member with dementia they are also caring for at least one child. The Catching Up Family Caregivers Act would provide family caregivers with additional years of eligibility for higher contribution rates to retirement accounts. Current catch up laws allow individuals over 50 to contribute more that the $23,000 annual limit, and individuals aged 60-65 are eligible for even higher contribution rates. The Alzheimer's Association and AIM deeply appreciate your continued leadership on behalf of all Americans living with Alzheimer's and other dementias. We look forward to continuing to work with you to advance this bill. If you have questions about this or any other legislation, please contact Jennifer Pollack, Director of Access Policy. Sincerely, Rachel Conant, Executive Director, Alzheimer's Impact Movement, Senior Vice President, Public Policy, Alzheimer's Association. ____ Women's Institute for a Secure Retrement, March 4, 2026 Dear Senators Warner and Col

Referenced legislation: S4291