Prevent as many as 4 million people in private-sector pension plans from losing future benefits.
Allow older workers and retirees to contribute more to their IRAs.
Protect defined contribution plans at 1,400 religiously affiliated organizations.
Here’s another one of my favorite reasons: SECURE will make it easier for small businesses to band together and provide retirement plans for their employees.
This will be a big victory for American businesses and employees.
Retirement plan options in the private marketplace exist for small businesses. But these employers often lack the resources to set up their own plans. SECURE will tackle this by allowing small businesses to pool their resources and establish a single retirement plan. That way, the businesses will benefit from the cost efficiencies and benefits that larger employers enjoy. This will make plans much more affordable and easier to manage. And it will encourage more businesses to offer retirement plans.
Passing SECURE will lead to at least 700,000 new savers nationwide including:
65,500 new savers in Texas
27,410 new savers in Pennsylvania
8,230 new savers in Kentucky
As more new businesses are formed every year, more and more employees will get access to retirement plans thanks to SECURE. Every year since 2011, startups have accounted for just under 30% of all new jobs in the United States.
SECURE will help employers like these and other small businesses provide key retirement benefits for their employees. This will be a win-win, helping the employees prepare for retirement and helping the employers attract and retain talent in a competitive labor market.
The Senate can provide a big win for American businesses and employees by passing the SECURE Act.
Susan K. Neely was President and CEO of the American Council of Life Insurers (ACLI), the nation’s leading trade association determined to help families live better lives by achieving financial security and certainty. As president and CEO, Neely drove public policy and advocacy on behalf of ACLI’s member companies that represent 93 percent of industry assets and serve 90 million families. She is CEO Emeritus through December, 2024.