Praise keeps rolling in for the Securing a Strong Retirement (SECURE) Act of 2021, introduced today  with bipartisan support by Ways and Means Republican Leader Kevin Brady (R-TX) and Chairman Richard E. Neal (D-MA), and passed today by the Ways and Means Committee:

 

AARP

• “Under your bill, more people who work part time will be able to enroll in their employers’ retirement savings plans, by allowing them to save after only two (rather than tree) years of employment.”

 

Joint Statement from over 37 Non-Profits:

• “We appreciate you placing a priority on increasing retirement savings so more individuals can plan for a financially secure retirement.”

 

American Benefits Council

• “Your commitment to good bipartisan retirement policy is reflected time and again in your willingness to build on a tremendously successful system and to make efforts to broaden its availability and use by more Americans.”

 

American Retirement Association

• “The Securing a Strong Retirement Act (SSRA) builds upon the success of the Setting Every Community Up for Retirement Enhancement (SECURE) Act to make it even easier for small businesses to adopt and maintain a workplace-based retirement savings plan. The SSRA further increases the small employer pension plan start-up credit to cover 100% of cost to small employers to implement a 401(k) plan for the first three years.”

 

Ameriprise Financial

• “The legislation is an important bipartisan effort to address the need to expand retirement plan coverage and provide additional savings opportunities for those planning for retirement.”

 

Edward Jones

• “The reintroduction of the SECURE Act 2.0 is timely as we know many American families have had to rethink their financial priorities in light of the COVID-19 pandemic.”

 

Fidelity

• “As the leading provider of workplace retirement plans in the United States, we understand the critical role workplace plans play in Americans’ retirement security. Securing a Strong Retirement Act includes numerous enhancements to the retirement system and builds upon the strong foundation laid when Congress passed the Setting Every Community Up for Retirement Enhancement (SECURE) Act in 2019.”

 

Finesca

• “We applaud Chairman Neal and Ranking Member Brady for taking on this noble and necessary cause. The bipartisan legislation will help more Americans achieve a financially secure retirement.”

 

Independent Sector

• “Every day, charitable nonprofit organizations provide educational and economic opportunities for families in need… Their work is vital to a healthy civil society in America and around the globe, and deserves our support. These provisions of the Securing a Strong Retirement Act of 2021 are a step in that direction, and we look forward to assisting you with their enactment.”

 

Insured Retirement Institute

• “The measure contained in this bill will allow workers, retirees, and their families to take another step forward on the path toward financial security in retirement that the Setting Every Community Up for Retirement Enhancement (SECURE) Act established following its enactment in 2019. The bill provides common-sense, bipartisan solutions, which will help to address the challenges and obstacles that continue to inhibit saving for and producing income during retirement.”

 

Investment Company Institute

• “The bill will help American workers better plan and invest for their retirement by, among other things, requiring inflation adjustments to IRA catch-up contribution limits, increasing the age at which savers must withdraw money from their retirement accounts, and creating an online ‘lost and found’ registry to help savers reconnect with unclaimed retirement accounts.”

 

Mercer

• “Your bill would build on the success of the employer-sponsored retirement systemby making it easier for employers to sponsor plans, expanding plan coverage, and helping individuals generate more savings and retirement income.”

 

National Association for Fixed Annuities (NAFA)

• “Now more than ever as Americans work to recover from the adversities of the Covid pandemic, robust retirement options are needed. This legislation contains many positive policy changes that NAFA supports, including facilitating catch-up contributions, providing for expanded auto-enrollment and helping small businesses provide savings plans for workers.”

 

Securities Industry and Financial Markets Association

• “We support efforts to expand coverage through increasing the employer credit, allowing student loan payments to count as elective deferrals, providing new PEP options, and expanding automatic enrollment that is accompanied by measures that offset the additional burden placed on employers to ensure that employers will be encouraged to offer retirement plans to their employees.”

 

SPARK Institute

• “The SPARK Institute is especially supportive of the SSRA because it includes many provisions that have been identified by our members to significantly improve the retirement security of American workers. This includes, for example, the SSRA’s expansion of the small business start-up credit, its increase of the required beginning date age to 75, and its additional catch-up contributions for certain older employees.”

 

State Street Global Advisors

• “The last year has seen tremendous upheaval in our country and its impact on Americans’ employment and financial situation has been significant. Weathering this crisis has been of paramount importance; however, we must also consider the long-term impact this crisis has had on retirement savings. As such, your legislation would significantly improve the financial standing of many workers.”

 

The Coalition for American Retirement (CFAR)

• “This important legislation protects IRA owners, particularly retirees, by providing a pathway to correct common inadvertent errors and by greatly reducing penalties for those errors.”

 

The Committee of Annuity Insurers

• “The CAI greatly appreciates your leadership on modernizing and improving retirement plans, especially your focus on increasing access to guaranteed lifetime income solutions for middle-class Americans.”

 

The Teachers Insurance and Annuity Association

• “I am confident that if signed into law, the SSRA will help all generations retire with sufficient savings and with access to solutions that ensure those savings last throughout their retirement. This in turn will help ensure retirees are as self-sufficient as possible and increase their confidence in achieving overall financial well-being.”

 

The Vanguard Group, Inc.

• “The Securing a Strong Retirement Act will provide greater choice and fairness in investment decisions. […] Allowing 403(b) plans to invest in CITs will help meet the diverse needs of their participants and ultimately improve their ability to enjoy a secure retirement.”

 

USAA Life Insurance Company

• “USAA supports key provisions of the Securing a Strong Retirement Act of 2021 to incentivize retirement saving and enhance retirement security options to ensure Americans do not outlive their savings in retirement. We applaud your efforts to improve retirement security for all Americans and particularly the service members, military spouses and their families that we serve.”

 

American Council of Life Insurers

• “The Securing a Strong Retirement Act makes important changes that will have real-world, positive implications for retirement savers. Incentives for small businesses to offer retirement plans, support for student loan borrowers with their repayment, and enhancements that guarantee those who are either close to or in retirement do not outlive their savings, are all key components. This bill will build on the current system and help more Americans be financially secure.”

 

National Association of Insurance and Financial Advisors

• “The SECURE Act was a great start, and the current legislation will significantly  build on that law to ensure that even more Americans have the ability to retire comfortably and provide their families with financial security.”