Washington, DC –The House of Representatives took a significant step toward improving Americans’ retirement security by including the Setting Every Community Up for Retirement Enhancement (SECURE) Act in the bipartisan budget deal that is soon expected to become law.
“Millions of hard-working people will have a more financially secure retirement,” said Shai Akabas, director of economic policy at the Bipartisan Policy Center. “This package exemplifies what happens when serious leaders on both sides of the aisle put their ideas on the table with the intention of getting something done for the American people.”
Several provisions in the SECURE Act are based on recommendations from BPC’s Commission on Retirement Security and Personal Savings. Specifically, the legislation will increase workplace retirement savings by reducing barriers for small businesses to offer retirement plans, expand 401(k) coverage to more part-time workers, make it easier to include lifetime income options in retirement plans, and pay for these changes by closing a tax loophole that benefits those with large inheritances.
Passage of the SECURE Act is a result of several years of bipartisan congressional leadership, most notably from Sens. Charles Grassley (R-IA) and Ron Wyden (D-OR) and Reps. Richard Neal (D-MA) and Kevin Brady (R-TX).
“Improvements to the U.S. retirement system are long overdue and the SECURE Act is a great place to start,” said Akabas. “But even once implemented, millions of working Americans will still lack access to 401(k)s, pension plans will continue to go belly up, and Social Security’s long-term solvency issues will remain unaddressed. We cannot afford to have Congress stop here.”
To address these issues, BPC formed the Funding Our Future campaign in 2018. The coalition of more than 45 member organizations works toward improving retirement security for all Americans. The campaign will continue to be active in 2020 as Congress sets the stage for further action on this critical issue. Learn more at https://fundingourfuture.us.