Stronger Retirement for Americans: What They’re Saying About SECURE 2.0
Passed successfully today through the House of Representatives, the Securing a Strong Retirement (SECURE 2.0) Act of 2022, introduced in the Ways and Means Committee with bipartisan support by Ways and Means Republican Leader Kevin Brady (R-TX) and Chairman Richard E. Neal (D-MA), builds on the success of SECURE to strengthen retirement for all Americans.
Here’s what organizations representing taxpayers, retirees, workers, families, and job creators are saying so far:
American Benefits Council (ABC)
“Your successful leadership and efforts to pass the SECURE Act are but one example of this commitment and the fact that the new bill builds on the work you have done reflects a thoroughness and thoughtfulness that provides enormous value to the American worker.”
“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.”
“On behalf of the over 7 million individual investor clients Edward Jones serves, I am writing to enthusiastically support passage of the Securing a Strong Retirement Act. We have long appreciated your leadership and support for policy proposals that promote retirement savings. We believe the Securing a Strong Retirement Act is an important step to strengthening the retirement savings for Americans.”
“The Securing a Strong Retirement Act of 2022 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.”
“The last two years have seen tremendous upheaval in our country and the 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.”
“SSRA is the next significant step forward in retirement savings. It will remove obstacles for retirement savers, diversify investment options to meet a variety of needs, and find ways to stretch savings to last a lifetime. All of these changes will help many more Americans take control of their financial futures and create the conditions needed for a happy and dignified retirement.”
“SECURE 2.0 is exactly the right sequel to the SECURE Act. Because of our experience in the UK, and the amazing results in the US, we know the power of automatic enrollment and automatic escalation in facilitating saving among individuals who most need to save. The provision that requires new plans to include automatic enrollment and automatic escalation will have a major beneficial effect on retirement security.”
“Millennium Trust strongly supports the Securing a Strong Retirement Act of 2022 because the bill will positively benefit active and missing plan participants, plan sponsors and automatic IRA rollover providers, like Millennium Trust, alike. […] The Securing a Strong Retirement Act of 2022 will allow us to expand the population of retirement savers we can assist, while reducing cost and regulatory burden for plan sponsors.”
“This legislation would dramatically increase retirement security, especially among employees of small businesses. In this regard, the Securing a Strong Retirement Act would address both pre-existing retirement security challenges and the increased challenges created by the coronavirus crisis. There are so many individuals facing a great need to rebuild their retirement savings, and this provision in this bill would provide them with the opportunity to do exactly that.”
Employee-Owned S Corporations of America (ESCA)
“Employee-Owned S Corporations of America (“ESCA”) applauds your efforts to advance the bipartisan Securing a Strong Retirement Act. We are particularly supportive of the inclusion of a key provision reflecting themes of legislation introduced by Committee members Ron Kind and Jason Smith to encourage the creation of more private, employee-owned businesses. We thank you for recognizing the value of S corporation ESOPs to worker retirement savings, and for reflecting that recognition in your important legislation.”
Committee on Annuity Insurers (COI)
“On behalf of the Committee of Annuity Insurers (CAI), we want to express our strong endorsement of The Securing a Strong Retirement Act of 2022 (SSRA). 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.”
“Enactment of the Securing a Strong Retirement Act would significantly benefit millions of Americans, including public sector employees, who work hard every day to prepare for their retirement. […] Under your bill, public sector employees would have additional flexibility when making decisions about how much they would like to save each month by conforming the deferral rules for 457(6) plans with other existing retirement savings vehicles.”
“On behalf of the SPARK Institute, I would like to offer our strong endorsement of the Securing a Strong Retirement Act of 2022 (SSRA). Our members deeply value your leadership and your long commitment to advancing solutions that improve, simplify, and modernize retirement savings.”
“Many of our organizations are dependent on private philanthropy, including gift planning. We believe the Legacy IRA provision simply offers seniors another philanthropic option and would incentivize more giving to help charities while helping middle-income seniors who need a lifetime income.
“We strongly support the inclusion of the Legacy IRA Act in the Securing a Strong Retirement Act and urge the House of Representatives to approve this measure. America is stronger when everyone has the opportunity to give, to get involved, and to strengthen their communities.”
“SECURE Act 2.0 would strengthen our nation’s retirement-savings system by expanding coverage, further increasing savings opportunities, and streamlining administrative rules. We look forward to seeing its enactment into law.”
“The National Association of Government Defined Contribution Administrators (“NAGDCA”) writes in support of the Securing a Strong Retirement Act of 2021 (H.R. 2954, the “Act”). The Act would improve retirement security for the millions of public sector employees and retirees. Although we are disappointed that the Act no longer includes the proposal to help reduce fees for teachers and other participants in 403(b) plans, we are hopeful that this omission can be corrected after passage.”
A group of 57 nonprofits, including charities and faith-based organizations
“We appreciate you placing a priority on families in America who are saving for retirement and simplifying the retirement system through the broader Securing a Strong Retirement Act. Specifically, the Legacy IRA provision will encourage more charitable giving by enabling seniors to make tax-free contributions from their traditional IRAs to charities through life-income plans.”
“On behalf of that entire membership, thank you for including provisions that will boost charitable giving in your Securing a Strong Retirement Act to be considered in the House of Representatives next week. Bolstering the security of Americans’ retirement savings now will make them – and the nonprofits they rely on – more resilient in our next crisis.”
“We believe that far too many Americans have not saved enough for a secure and dignified retirement. There are numerous obstacles standing in the way of retirement security, including the cost and administrative burdens of maintaining a retirement plan. SECURE 2.0 would address these issues in a way that would improve retirement security, and we are proud to support it.”
“As a leading provider of retirement plans in the not-for-profit community, TIAA commends your efforts to further improve and modernize the private retirement system. This proposal is especially important as it builds on the SECURE Act, which took significant steps to expand access to lifetime income and increase retirement security for all Americans.”
“The Insured Retirement Institute (IRI) writes to express our support for the Securing a Strong Retirement Act of 2022. The measures contained in this bill allow workers, retirees and their families to take another step forward on the path toward financial security in retirement that was forged by the enactment of the Setting Every Community Up for Retirement Enhancement (SECURE) Act in 2019. The Securing a Strong Retirement Act of 2022 provides common-sense, bipartisan solutions that address the challenges continuing to inhibit saving for and producing income and retirement.”
“RITA supports the Securing a Strong Retirement Act of 2022 because it would significantly expand opportunities for all Americans to save and invest for retirement. In furtherance of this goal, RITA especially supports the provisions in the bill that would: (1) make available new forms of relief to retirement savers who would otherwise face severe penalties for inadvertent mistakes; and (2) direct regulators to issue guidance that would help prevent those mistakes from occurring in the first place.”
“The hard work and dedication of the Ways and Means and Education and Labor Committees have yielded a comprehensive bill that includes key provisions, supported by the ACLI, that build upon current retirement security policy efforts and will have real-world positive implications for savers.”
“Advancing the Securing a Strong Retirement Act of 2022 is a significant step in building on the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019 and promoting the retirement security of workers and retirees.”
“The ‘Securing a Strong Retirement Act of 2022’ offers more Americans a viable path to secure retirement by, for example, expanding auto-escalation and auto-enrollment, improving access to retirement plans for employees of small businesses and providing more opportunities to build savings through ‘catch-up’ contributions.”
“SSRA further enhances the nation’s retirement savings system so that more Americans have access to solutions, such as guaranteed lifetime income, that will allow for a dignified and secure retirement.”
American Retirement Association
“The Securing a Strong Retirement Act of 2022 (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.”
“Accordingly, this legislation builds upon the SECURE Act of 2019 by adding many new positive policy changes, including facilitating catch-up contributions, providing for expanded autoenrollment and helping small businesses provide savings plans for workers.”
“SIFMA believes the Securing a Strong Retirement Act of 2022 takes important steps toward enhancing the private retirement system and increasing retirement savings, including provisions that will incentivize small businesses to offer retirement plans, enable older Americans to save more and hold on to their savings longer, and help young people to save while paying off student loan debt.”
“The Securing a Strong Retirement Act would enhance retirement outcomes by encouraging Americans to save more, improving retirement plans, and lowering costs for employers sponsoring those plans.”
“SECURE 2.0 reduces several barriers to participation that disproportionately impact young professionals, women, and people of color. Specifically, Putnam supports the significant expansion of auto-enrollment, which has been proven to increase adoption of workplace retirement savings programs among Black, Hispanic, and lower-income workers.”