AALU Applauds Inclusion of SECURE Act in Year-End Deal

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December 16, 2019                                                                                                                                  (703) 641-8142 

AALU Applauds Inclusion of SECURE Act in Year-End Deal

Urges Congress to pass the legislation swiftly to unleash retirement savings tools for millions of Americans

WASHINGTON, D.C.—AALU President and CEO Marc Cadin today applauded inclusion of the Setting Every Community Up for Retirement Enhancement (SECURE) Act in the end-of-the-year legislation being considered by Congress this week. The SECURE Act passed the House in May by a vote of 417-3 and will improve retirement security for millions of Americans.

“The SECURE Act will help millions of Americans with their retirement,” said Cadin. “Time is the one critical element to effective savings that we never get back, and this bill will give people the ability to save more money, more efficiently. Thank you to the SECURE Act’s steadfast champions in Congress and to the negotiators for prioritizing the financial security of the American people. AALU urges all Members of Congress to vote yes on H.R. 1865 this week.”

Since House passage in May, the SECURE Act has been stalled in the Senate and has yet to be considered for a vote. It will be included in H.R. 1865, the year-end spending bill, being voted on in both chambers this week.

AALU has been a staunch advocate for the SECURE Act, and its companion RESA in the Senate, and the necessary benefits it will bring to so many Americans. In April, AALU sent over 400 members to Capitol Hill to advocate for the SECURE Act, along with dozens of member meetings throughout the year. 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.

The SECURE Act creates more opportunities for small businesses and workers to save on their retirement, increases lifetime income solutions, allows older workers to contribute more to their retirement accounts, and increases 401(k) coverage to part-time employees. In addition, the bill safeguards the survivor benefits of Gold Star families and provides benefits to first responders. The SECURE Act was introduced by U.S. House 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).

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. AALU announced on July 29, 2019, that they will be joining with GAMA International to form a new organization representing the financial security profession.