Retirement Savers Win Thanks to SECURE Act Becoming Law
Earlier today President Trump signed the 2020 spending package, which wisely included the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019.
This is a huge win for millions of retirement savers, groups like Gold Star families, and bipartisanship.
With the SECURE Act now the law of the land, our nation has taken a major stride forward in modernizing the way new generations of Americans prepare for retirement.
The American Council of Life Insurers (ACLI) applauds the president for signing the SECURE Act into law as part of the spending package. And we commend the bill’s bipartisan champions in Congress, including Ways and Means Committee Chairman Richard Neal and Ranking Member Kevin Brady and Senate Finance Committee Chairman Chuck Grassley and Ranking Member Ron Wyden. Their determination made good public policy that’s been in development for a decade become law.
The SECURE Act expands access to retirement plans for millions of Americans and allows older workers to contribute more to their IRAs. It also makes it easier for small businesses to band together to provide retirement plans for employees – leading to at least 700,000 new savers. And the law will make sure that Gold Star families no longer face unfair taxation of their survivor benefits.
With the terrific advancements made by the SECURE Act, now there’s more bipartisan work to do to brighten Americans’ financial futures. The challenges facing society are evolving. The rapidly growing and aging population, evolving economies, and shifting priorities require a renewed focus to address financial security in America. As consumers’ retirement needs evolve, we look forward to working with policymakers on additional bipartisan solutions to help all Americans position themselves to achieve financial security in retirement.