AALU Urges the Senate to Pass the SECURE ACT

FOR IMMEDIATE RELEASE                                                                                                                 Contact: Katherine Knight
November 5, 2019                                                                                                                                        (703) 641-8142 

AALU Urges the Senate to Pass the SECURE ACT

AALU CEO joins over 90 company leaders on letter to outline the importance of making the legislation a top priority in the Senate

WASHINGTON, D.C.—AALU President and CEO Marc Cadin today sent a letter along with 90 other CEOs and presidents urging the Senate to pass the Setting Every Community Up for Retirement Enhancement (SECURE) Act. The bill would help to ensure the financial and retirement security of millions of Americans.

“We have too much at stake,” said Cadin. “This important piece of legislation passed the House with tremendous bipartisan support, and the Senate has delayed far too long in getting it to the president’s desk. It is our profession’s responsibility to help families and businesses close the retirement savings gap and generate brighter financial futures for all Americans. This bill creates a pathway for us to do just that.”

Passing the House of Representatives in May by a vote of 417-3, the SECURE Act increases access to retirement plans for millions of workers. The letter was written to Senate Majority Leader Mitch McConnell (R-KY) and Minority Leader Chuck Schumer (D-NY) and calls for the senators to make the bill a top legislative priority before the end of the year.

This bipartisan legislation allows older workers to contribute more to their retirement accounts, and increases 401(k) coverage to part-time employees, among other important changes. The SECURE Act builds upon the Senate’s Retirement Enhancement and Savings Act (RESA) introduced by Senate Finance Chairman Chuck Grassley (R-IA) and Ranking Member Ron Wyden (D-OR) and passed unanimously through the Senate Finance Committee in 2016.

Cadin continued, “We are proud to join our industry partners and executive leadership around the country urging the Senate to greatly enhance the financial futures of American families by passing the SECURE Act.”

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.