Financial Security Professionals Respond to Latest Federal Action to Increase Retirement Security for More Americans

October 27, 2020 – Washington D.C. – Following the introduction of the Securing a Strong Retirement Act of 2020 by Chairman Richie Neal (D-MA) and Ranking Member Kevin Brady (R-TX) on the House Committee on Ways and Means, Finseca – a new trade association representing planning and life insurance professionals – issued the following response:

“Many Americans today are facing dire economic realities as a result of the COVID-19 recession. But, the financial insecurity and retirement challenges faced by millions of American households was a reality long before this pandemic. Finseca applauds the bipartisan leadership of Chairman Neal and Ranking Member Brady in working together to provide more financial security to the American people. This package will improve the savings incentives for individuals and families and is an important step in helping more small businesses deliver retirement plans to their employees. This is exactly the kind of leadership we need to help Americans reach their goal of becoming more financially secure. Finseca and its’ members look forward to working with the committee on how this important legislation will impact their clients.”

Marc Cadin, CEO of Finseca

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The new legislation, which builds on the consumer protections, reforms and programs provided under the SECURE Act, provides important new tools and tax benefits to incentivize and ultimately increase the level of personal savings in the United States.

  • The Chairman and Ranking Member’s joint press release on the bill can be found here.
  • A section-by-section of the bill can be found here.
  • A summary of the bill can be found here.