SECURE It: Welcome back, U.S. Senate. The SECURE Act Remains a Prime Opportunity.
United States Senators return to Washington this week to a full plate: government funding, hurricane aftermath, trade policy – the list of work goes on.
One item, the Setting Every Community Up for Retirement Enhancement (SECURE) Act, is “low hanging fruit” that can pass in September and help to build momentum for the rest of the year. This legislation is perfectly suited to the Senate’s tradition of deliberate response to the complex demands of a diverse society.
By acting quickly, the Senate can “SECURE it” for Americans in many ways. The bill would:
- Expand access to retirement plans for millions of Americans.
- Prevent as many as 4 million people in private-sector pension plans from losing future benefits.
- Correct unfair tax treatment for 18,000 Gold Star families.
- Make it easier for small businesses to band together and provide retirement plans for their employees—leading to at least 700,000 new savers.
- Provide tax incentives for small businesses to set up retirement plans for employees.
- Allow older workers and retirees to contribute more to their IRAs.
- Increase 401(k) coverage to part-time employees.
- Help new parents, including those adopting, with expenses by allowing tax-free distributions of retirement savings.
- Prevent benefits cuts to older, longer-service workers in defined benefit pension plans.
- Protect defined contribution plans at 1,400 religiously affiliated organizations.
SECURE is bipartisan legislation. It passed the House last spring with all but three votes. With Senate approval, it’s ready to go to the president’s desk.
The American Council of Life Insurers wants the SECURE Act to become law. So does the AARP, the Church Alliance, the Military Officers Association of America, and the U.S. Chamber of Commerce.
In Congress, support for the SECURE Act is widespread. Ways and Means Chairman Neal voted for it. So did Ranking Member Brady. And Rep. Rogers from Alabama. And Rep. Rogers from Kentucky…
The list goes on. The need to add 100 Senators is clear.
The Senate can “SECURE it” for a wide range of Americans by helping to push the SECURE Act over the goal line this month.