AALU Applauds House Passage of the SECURE Act

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AALU Applauds House Passage of the SECURE Act

Sent 400 advocates to Capitol Hill in April to push for the legislation which will improve retirement savings for millions of Americans

WASHINGTON, D.C. – AALU today applauded House passage of the Setting Every Community Up for Retirement Enhancement (SECURE) Act, H.R. 1994, legislation that will help millions of Americans improve their financial and retirement security. The bill passed with overwhelming bipartisan support.

“Americans are not saving enough today,” said Marc Cadin, President and CEO of AALU. “They need more tools to help them save for retirement and put them on a path to financial security. The SECURE Act is a critical step in doing that. As financial security professionals, our members help families and businesses meet their retirement goals and achieve financially sound futures, and we are committed to addressing the retirement savings gap.”

On Monday, AALU reiterated its support to members of the House, saying, “The SECURE Act would make it easier for employers, especially small businesses, to offer workplace retirement plans and expand American workers’ ability to participate in those plans. In addition, this legislation would increase access to lifetime income solutions and help employees better understand how their savings will translate into a stream of income to live the life they want during retirement.”

Last month, AALU sent 400 members to Capitol Hill to advocate for both the SECURE Act and its companion bill in the Senate, the Retirement Enhancement and Savings Act ‘RESA’ (S. 972), as part of its TRANSFORM 2019 annual conference. Their meetings, which included two town halls with Ways and Means Committee Chairman Richard Neal (D-Mass.) and Rep. Brad Schneider (D-Ill.), drove overwhelming support of the legislation and dozens of commitments to cosponsor.

The SECURE Act passed the House by a vote of 417-3, after passing unanimously out of the Ways and Means Committee last month.

“Thank you to Chairman Neal, Ranking Member Kevin Brady, and every one of the House members who supported this legislation, as well as our industry partners ACLI, NAIFA, and IRI for their collaboration on seeing this legislation through the House,” Cadin continued. “We urge the Senate to act quickly to unleash these tools for the American people. Every financial security professional will tell you that saving early over a long period of time is the best way to secure your financial future, and the SECURE Act will enhance that opportunity for millions of Americans.”

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 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.