AALU Applauds House Committee Passage and Senate Introduction of Key Bills to Improve Americans’ Retirement Security

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April 2, 2019                                                                                                                                               (703) 641-8142

AALU Applauds House Committee Passage and Senate Introduction of Key Bills to Improve Americans’ Retirement Security

Both bills would make it easier for employers to offer retirement plans and give workers greater access to and
understanding of need for long-term savings

WASHINGTON, D.C. – AALU CEO Marc Cadin today applauded passage of the Setting Every Community Up for Retirement Enhancement (SECURE) Act (H.R. 1994) in the House Ways and Means Committee and announced the organization’s support for the Retirement Enhancement and Savings Act (RESA) (S. 972) introduced in the Senate yesterday.

“These bills are a huge step in the right direction for helping millions of Americans improve their financial security,” Cadin said. “Americans are not saving enough for retirement, and both of these pieces of legislation will give more employers the ability to offer retirement savings plans and more workers access to these plans. AALU is committed to supporting initiatives that encourage long-term savings, and we are proud to see the bipartisan momentum to improve our nation’s retirement security.”

The SECURE Act, which includes the Providing Retirement Security to Workers in Small Businesses, Cooperatives, and Service Organizations Act of 2019 (H.R. 1993), and the Senate’s RESA legislation are all designed to make it easier for employers, especially small businesses, to offer workplace retirement plans and expand American workers’ ability to participate in those plans by allowing multiple employers to band together to offer plans. In addition, they would increase access to lifetime income solutions and provide tools to help both employers and employees understand their savings needs.

The SECURE Act passed unanimously out of the Ways and Means Committee. AALU sent a letter of support on the legislation yesterday, which can be found here.

In addition to these bills, AALU last week announced its support for Chairman Richard Neal’s (D-Mass.) Automatic Retirement Plan Act proposal, expected to be reintroduced this year.

About AALU

Since 1957, AALU has been 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 afocus 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.