The American Retirement Association, as well as a broad coalition of groups and associations, on June 18 sent a letter to the Senate expressing their support for the Setting Every Community Up for Retirement (SECURE) Act.
The House passed the measure on May 23 by an overwhelming margin of 417-3. The ARA, as well as a variety of other organizations, wrote to urge the Senate to follow suit. "Now is the time to pass this comprehensive bill that will help the families of veterans, small businesses, retirement plan sponsors, cooperatives, religious organizations and workers,” they write, adding that “action to improve retirement security is timely and necessary.”
The letter says that the SECURE Act’s provisions addressing retirement security “have real-world implications,” and that they would make it easier for small employers to sponsor a plan, encourage employees to increase their saving and clarify tax rules related to retirement for church organizations and institutions. And it argues that estimates based on Joint Committee on Taxation data predict that increasing small business employees’ retirement plan access will accomplish more than new retirement savings accounts would.
The act also would make “much needed improvements to the defined benefit landscape” by reforming nondiscrimination rules and ensuring that pension premiums for charitable and non-profit associations would be lower, says the letter. The coalition adds that the bill also would modernize retirement rules by extending the required minimum distribution rules and allowing employers to help employees repay their student loans.
“We urge you not to miss this opportunity to pass legislation that would provide retirement security to millions of Americans and honor our nation’s heroes,” say the 22 signatories, which include the ARA, the American Benefits Council, the ERISA Industry Committee, The Society for Human Resource Management, the SPARK Institute and the U.S. Chamber of Commerce, as well as additional organizations.
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