AALU CEO: SECURE Act Passage Unleashes Retirement Savings Tools for Millions

AALU CEO: SECURE Act Passage Unleashes Retirement Savings Tools for Millions

Applauds House, Senate passage; Urges president to sign immediately to enhance access to retirement savings tools; Praises bipartisan holiday spirit to help Americans’ retirement

WASHINGTON, D.C.—AALU President and CEO Marc Cadin today commended passage of the Setting Every Community Up for Retirement Enhancement (SECURE) Act, which was included in the end of the year spending package, H.R. 1865, passed by the House earlier this week and the Senate today. The bill will improve retirement security for millions of Americans and is expected to be signed by the president tomorrow.

“Amidst historic acrimony, helping Americans save for retirement brought the bipartisan spirit in Congress we have needed – just in time for the holidays.” Cadin said. “The SECURE Act is a huge win for American workers and their financial futures. After months of being stalled, we applaud the champions of this bill for their commitment to addressing the retirement savings gap, and we hope the president will sign it into law immediately to unleash these critical savings tools.”

Introduced in the House by Ways and Means Committee Chairman Richard Neal (D-MA), Ranking Member Kevin Brady (R-TX), Reps. Ron Kind (D-WI), and Mike Kelly (R-PA), the SECURE Act creates more opportunities for small businesses and workers to save on their retirement, increases lifetime income solutions, and safeguards the survivor benefits of Gold Star families. This bipartisan legislation also allows older workers to contribute more to their retirement accounts and increases 401(k) coverage to part-time employees, among other important changes. It contains many of the same provisions included in legislation authored by Finance Committee Chairman Charles Grassley (R-IA) and Ranking Member Ron Wyden (D-OR), along with many of their Finance Committee colleagues.

In April, AALU sent over 400 members to Capitol Hill to advocate for the SECURE Act. Soon thereafter, the House passed the SECURE Act by an overwhelming vote of 417-3. Last month, Cadin and 90 other company leaders wrote a letter to Senate Majority Leader Mitch McConnell (R-KY) and Minority Leader Chuck Schumer (D-NY) calling for the Senate to make the bill a top legislative priority before the end of the year.

“We would like to thank Chairman Neal, Ranking Member Kevin Brady, Chairman Grassley, Ranking Member Wyden and every member of the House and Senate who saw this bill through to the finish line, as well as our industry partners for their concerted effort toward advocating for this legislation,” Cadin continued. “With the SECURE Act being passed into law, Americans now have more of the tools they need to achieve a bright financial future. We look forward to continuing our work to address the retirement savings gap in our nation and putting more Americans on the path to financial security.”

About AALU

AALU, the Association for Advanced Life Underwriting, is the leading organization of financial professionals who provide life insurance and retirement planning solutions for individuals, families, and businesses. AALU has a rich history of success with a single focus on the issues impacting life and annuity products, and the clients its members serve. Headquartered in Washington, D.C., AALU is committed to providing its members with the essential tools and services required to help grow their businesses, serve their clients, and protect the financial and retirement security of the American people. AALU announced on July 29, 2019, that they will be joining with GAMA International to form a new organization representing the financial security profession.