A U.S. House bill aims to strengthen retirement funds and builds upon the successes of a 2019 bill targeted to the same goal.

The Secure a Strong Retirement Act of 2021, which passed Wednesday by the House Ways and Means Committee, contains a number of provisions, such as offering tax credits to startup companies for matching retirement plan contributions, expanding auto-enrollment in retirement plans and incentives for small businesses to join pooled plans.

Some provisions were authored or coauthored by U.S. Rep. Mike Kelly, R-16th, a member of the Ways and Means Committee and ranking member of the Subcommittee on Oversight.

“I am proud that this committee has once again come together to advance bipartisan legislation that helps Americans be more financially secure in their golden years,” Kelly said in a Wednesday statement.

Additional provisions of the bill include reducing penalties for retirees who fail to take required minimum distributions, limiting individual retirement arrangement disqualification penalties to funds involved in a prohibited transaction rather than the IRA as a whole and ensuring retirement plan withdrawals can be used without penalty for birth or adoption expenses if repaid within three years.

The proposal expands on some principles enshrined in the SECURE Act, which was signed into law in 2019. That law raised the minimum age for required distributions from 70.5 to 72; allowed individuals to repay student loans from 529 plans; and allowed workers to contribute to IRAs after turning 70.5.

“Simplifying the administration of retirement plans and providing workers with more investment choices lets Americans take charge of their future, build wealth and achieve financial security in retirement,” Kelly said.