Improving Retirement Security for Family Caregivers Act of 2024

Bill 118 s 5148, also known as the Improving Retirement Security for Family Caregivers Act of 2024, aims to provide support and financial security for individuals who take on the role of family caregivers. The bill recognizes the important contributions that family caregivers make in providing care for their loved ones and seeks to address the financial challenges they often face.

One key provision of the bill is the establishment of a caregiver credit, which would allow family caregivers to earn credits towards their Social Security benefits for the time they spend providing care. This credit would help to ensure that caregivers do not suffer financially as a result of taking on caregiving responsibilities.

Additionally, the bill includes measures to improve access to retirement savings options for family caregivers, such as expanding eligibility for retirement plans and providing incentives for employers to offer retirement benefits to part-time workers, who are often family caregivers. Overall, the Improving Retirement Security for Family Caregivers Act of 2024 aims to recognize and support the important work of family caregivers by providing them with the financial security and retirement benefits they deserve.