[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 Collins: The Women's Institute for
a Secure Retirement (WISER) is writing today in support of
your two bills: the ``Catching Up Family Caregivers Act of
2026'' and the ``Improving Retirement Security for Family
Caregivers Act of 2026.'' The caregiving issue is certainly
an issue for women, but more broadly it is an issue for
families and for retirement security, and we applaud your
efforts to address this critical set of challenges.
WISER is a nonprofit organization that works to help women,
educators and policymakers understand the important issues
surrounding women's retirement income. As the only
organization to focus exclusively on the unique financial
challenges that women face, WISER supports women's
opportunities to secure adequate retirement income through
research, programs and partnerships. WISER has also been the
driving force behind a series of state and local events on
long-term financial security aimed at leveling the playing
field for women.
As part of our national education campaign, Your Future
Paycheck: What Women Need To Know, WISER has been
able to reach thousands of women through workshops held
across the nation. WISER also creates a variety of consumer
publications including fact sheets, resource guides and
newsletters that explain in easy-to-understand language the
complex financial issues surrounding Social Security, pay
equity, retirement plans and pensions, savings and
investments, caregiving, divorce and widowhood, health and
long-term care, and financial elder abuse.
Family members play critical roles in caring for our
nation's children and elderly, and for those who otherwise
need help. Without this national backbone, families would in
many cases have nowhere to turn. Caregiving is a labor of
love, but it also comes at a cost-emotional, physical, and
financial. We need to address all of those ``costs.''
The financial cost is very clear. Caregivers often leave
their jobs or at least cut back on their hours. And because
of that, caregivers often run up debt and frequently are
unable to save for retirement. So, the very people who help
the elderly are often in need of help when they age. This is
a national problem and deserves our attention.
We believe that your bills would give caregivers more ways
to save for retirement and would thus help address one of the
key challenges faced by caregivers. Thank you for your
leadership on these bills and we stand ready to help as the
bill moves forward.
Best regards,
Cindy Hounsell,
President.
____
Insured Retirement Institute,
April 14, 2026.
Dear Senator Collins, Senator Warner, Representative
Pettersen, & Representative Salazar: The Insured Retirement
Institute (IRI) writes to express support for the Improving
Retirement Security for Family Caregivers Act and the
Catching Up Family Caregivers Act. Both bills would provide
America's caregivers--particularly women--who leave the
workforce to care for a family
[[Page S1743]]
member in need--the opportunity to catch up on their
retirement savings.
Every year, an increasing number of workers leave the
workforce, often for multiple years, to provide full-time
care to a dependent family member. While this is a noble and
selfless decision, it is often the only option an individual
has when seeking to provide the necessary care for their
family member. As a result, not only is the individual's
income severely reduced or eliminated for the time they are
providing care, but their ability to participate in workplace
retirement savings plans and save for their retirement is
also lost.
The challenge of leaving the workforce to care for a family
member has a disproportionate impact on women. According to
the Bureau of Labor Statistics, women represent 58 percent of
the 40.4 million Americans providing full-time care to a
family member. This disproportionate impact is further
illustrated by recent reports that found women have between
one-third and two-thirds less savings than the median account
balances held by men.
The solution offered by the Improving Retirement Security
for Family Caregivers Act will allow qualified individuals
who dedicate 500 hours per year to family caregiving to
contribute to a Roth IRA. This solution is further enhanced
by the Catching Up Family Caregivers Act, which enables
individuals to ``catch up'' their employer-sponsored
retirement savings at the highest contribution levels
typically reserved for those over 60 for up to 5 years once
they have returned to the workforce.
IRI has historically supported the enactment of common-
sense, bipartisan solutions to expand America's workers
opportunities to save for retirement. For this reason, IRI's
2026 Federal Retirement Security Blueprint calls on Congress
to consider legislation enabling individuals unable to work
due to providing care to a family member to become eligible
to contribute to Roth IRAs and catch-up their employer-
sponsored savings once they return to the workforce. As
Congress considers these measures, IRI welcomes the
opportunity to work with you and your staff to advance the
Improving Retirement Security for Family Caregivers Act and
the Catching Up Family Caregivers Act.
Please feel free to contact either Paul Richman or John
Jennings if IRI can provide additional assistance in helping
secure passage of these vital pieces of legislation.
IRI thanks you for your leadership in pursuing legislation
to help family caregivers prepare for retirement.
Sincerely,
Paul J. Richman,
Chief Government & Political Affairs Officer, Insured
Retirement Institute.
John B. Jennings,
Director, Government & Political Affairs, Insured
Retirement Institute.
____
Re: Improving Retirement Security for Family Caregivers Act
and Catching up Family Caregivers Act
Dear Senator Collins: We are writing to share Edward Jones'
strong support for the Improving Retirement Security for
Family Caregivers Act and Catching Up Family Caregiver Act.
We appreciate your leadership in reintroducing these bills
and look forward to working with you to get them enacted into
law.
Like you, Edward Jones is dedicated to improving the lives
of Americans through enhancing retirement security. Our more
than 20,000 financial advisors develop deep personal
relationships and provide personalized service to meet the
needs of our more than nine million clients in all 50 states.
Edward Jones has 77 branch offices serving the needs of over
35,000 investors in Maine. We work with investors from all
economic backgrounds to help them define their financial
goals and assist in creating tailored solutions to achieve
what is most important to them financially.
We know through our experiences that Americans providing
care to family and friends make significant personal and
professional sacrifices, including stepping out of the
workforce or moving from full-time to part-time work. Unpaid
caregiving can have a meaningful negative impact on savings
and retirement readiness. A 2025 Edward Jones and Morning
Consult study confirms the urgent need for legislative action
to support caregivers in building retirement security.
Our study found overwhelming public support for policies
that enhance retirement benefits for caregivers.
Specifically, 73% of Americans favor legislation that would
expand retirement account contribution opportunities for
caregivers who have had to cut back their employment, while
74% support additional ``catch-up''contributions.
The adverse effects of providing caregiving are significant
and measurable. Our study revealed that 40% of American
adults identify as caregivers, and an overwhelming 92% of
them have serious concerns about their retirement security.
Additionally, 72% of caregivers report being willing to
sacrifice their own financial security to ensure proper care
for their loved ones, often reducing work hours or stepping
away from their jobs entirely.
These challenges are most acute for women. 64% of American
adults recognize that caregiving duties fall more heavily on
women, particularly when it comes to caring for aging adults.
Women are disproportionately caught in the ``sandwich
generation,'' balancing care for both their children and
aging parents simultaneously. This unequal burden has long-
term financial consequences for women's retirement account
balances which on average account for only two-thirds (67%)
of men's retirement accounts due to inequity in pay and
sacrifices made as family caregivers. However, women, on
average, live five years longer than men, retire earlier, and
need more money to fund their retirement.
With 71% of Americans believing current government policies
fall short in providing adequate support for caregivers,
there is a clear need for action. We strongly support
creating additional opportunities to help caregivers save for
a secure retirement. We believe the establishment of
additional catch-up contribution opportunities and the
waiving of earned income requirements for contributions to
Roth IRAs are provisions well-tailored to address the unique
savings challenges faced by caregivers.
We are grateful for your bipartisan leadership and applaud
your efforts to provide saving opportunities that will
improve the financial futures of millions of American who
provide caregiving to family and friends.
Sincerely,
Andy Blocker,
Principal--Head of Policy, Regulatory, and Government
Relations.
____________________