The American Retirement Association, joined by a broad coalition of trade groups, called on the Senate to quickly approve the bipartisan Setting Every Community Up for Retirement (SECURE) Act – and we need your support!
With the House passing the measure (H.R. 1994) on May 23 by a vote of 417-3, the group urged the Senate to follow suit. “Now, upon the recent overwhelming passage of the SECURE Act by the U.S. House of Representatives, it is time to pass this legislation and send it to the president,” the coalition stated in a June 18 letter to all members of the Senate.
“The retirement security provisions being considered within the SECURE Act would have real-world implications, making it easier for small employers to sponsor a retirement plan, encouraging employees to save more, and making critical retirement related tax clarifications for church organizations and institutions,” the letter further explains.
The coalition emphasizes that congressional estimates predict that increasing access for employees of small employers alone will result in more than 700,000 new retirement savings accounts. The Act also would make “much needed improvements to the defined benefit landscape” by reforming nondiscrimination rules and would modernize retirement rules by extending the required minimum distribution rules and allowing employers to help employees repay their student loans, the letter further advises.
Following House passage of the SECURE Act, it looked as though the bill was on a fast track for approval, but the legislation has since stalled in the Senate over various “holds” placed on the legislation.
Sen. Charles Grassley (R-IA), Chairman of the Senate Finance Committee, is continuing to work to overcome objections from within his caucus. In addition, he is said to be evaluating other options to move the legislation through the Senate in short order. The SECURE Act is very similar to the Retirement Enhancement and Savings Act (RESA) that Grassley and the committee’s ranking Democrat, Sen. Ron Wyden (OR), reintroduced in April.
“We urge you not to miss this opportunity to pass legislation that would provide retirement security to millions of Americans and honor our nation’s heroes,” say the 22 signatories, which, in addition to the ARA, include the American Benefits Council, the ERISA Industry Committee, the Society for Human Resource Management, the SPARK Institute, and the U.S. Chamber of Commerce.
NOTE: Help lend your voice of support for the retirement enhancements in the SECURE Act. We’ve made it easy for you to tell your Senator. Check it out at: https://araadvocacy.org/issues/secure-act/#/20/