CHEYENNE, Okla. (KFOR) – A Congressman from Oklahoma announced his support for a bipartisan bill that would help spouses of active duty service members save for retirement.
The Military Spouse Retirement Security Act would expand access to employer-sponsored retirement plans.
According to the Department of Defense, about one-third of military service members experience a permanent change of station every year. When service members move, their spouses often relocate too, putting their own careers on hold.
“From Altus and Vance Air Force Base in Oklahoma’s Third District to Tinker Air Force Base in Oklahoma City, Oklahoma has a long and proud history of supporting our nation’s military. Just as the brave men and women of our military execute their missions- whether serving at home or abroad- America’s military families also play an integral role in supporting our Armed Forces,” said Congressman Frank Lucas. “Deployments, training, and relocations often make it hard for military families to benefit from financial options often used by their neighbors to help save for retirement. The Military Spouse Retirement Security Act would ease these financial burdens and would encourage small business employers to provide military spouses with accelerated access to retirement plans and employer contributions.”
Under the act, small employers would be eligible for a tax credit of up to $500 per year per military spouse. Small employers must make a military spouse immediately eligible for retirement plan participation within two months of hire.
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