The House of Representatives has passed a bill that will improve the retirement savings system for American workers. The Strong Retirement Insurance Act, H.R. 2954, also called the Security 2.0 Act 2, was passed on Tuesday with a bipartisan vote of 414-5. The legislation is now headed to the Senate.

“HR 2954 will help all Americans successfully save for a secure retirement by expanding coverage and increasing retirement savings, simplifying the current retirement system, and protecting Americans and their retirement accounts,” said the chairman of the House Ways and Means Committee, Richard Neal, D-Mass., before Tuesday’s vote. “Too many workers reach retirement age without having the savings they need.”

One of the provisions of the law would require employers to automatically enroll eligible workers in 401(k) plans at a rate of 3% of salary, which would increase annually until employees contribute 10% of their salary. Employees can opt out or select a different contribution amount. Companies with 10 or fewer employees, or that are less than 3 years old, would be excluded from the mandate.

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