Retirement Savers’ Holidays Looking SECURE
Amid the hustle and bustle of the holiday season, it’s important to hit pause every now and then and reflect on the many things we are thankful for.
That said, it never hurts to make a list of what we wish for!
Not surprisingly, many retirement savers’ “thankful lists” and “wish lists” intersect this year around the Setting Every Community Up for Retirement Enhancement (SECURE) Act.
The SECURE Act is the most sweeping retirement security legislation in more than a decade. It would mark a significant step toward modernizing America’s retirement system for workers.
The U.S. House of Representatives yesterday passed a 2020 spending bill that includes the SECURE Act. It now goes to the Senate.
We applaud House and Senate leadership for their determination to pass this important legislation. Members of Congress are demonstrating bipartisan leadership in addressing critical needs of everyday Americans.
America’s retirement savers have been hoping for months that Congress would come together and pass the SECURE Act and deliver it to the president’s desk.
Now it appears that their wishes may come true.
If all goes as planned, the SECURE Act could be signed by the president this week.
This would be one of the best holiday presents of all.
When the SECURE Act becomes law:
- 700,000 small business workers will be able to start saving for retirement.
- 4 million workers in private-sector pension plans will not lose future benefits.
- 500,000 volunteer first responders will receive well-deserved benefits.
- Unfair tax increases that 18,000 children and spouses of fallen service members have had to pay on their survivor benefits will be eliminated.
- The defined contribution plans for 1,400 religiously affiliated organizations will be protected.
In addition, older workers and retirees will be able to contribute more to their retirement accounts. Part-time employees will have better access to 401(k) coverage. New parents will be better able to manage expenses when they give birth or adopt a child.
All told, the SECURE Act will help millions.
Now that is something to truly be thankful about.