Final push for passage
With the midterm elections over and Congress back in session, the retirement industry turned up the pressure for movement on SECURE 2.0 in mid-November.
Roughly 100 different associations and companies signed on to a pair of letters sent to Congressional leaders calling for action during the lame-duck session.
A consortium of 60 organizations and companies including a majority of retirement industry heavy-hitters sent a letter to Senate Majority Leader Chuck Schumer (D-NY), House Speaker Nancy Pelosi (D-CA), Senate Minority Leader Mitch McConnell (R-KY) and House Minority Leader Kevin McCarthy (R-CA), urging the leaders to “take quick action and pass a compilation of retirement provisions known as SECURE 2.0.”
Another letter sent Nov. 17 addressed specifically to the four Congressional leaders from the Bipartisan Policy Center specifically prioritized the emergency savings provisions of SECURE 2.0. It was signed by 40 companies and organizations including Aspen Institute, Commonwealth, Consumer Federation of America, National Institute on Retirement Security, SecureSave, the U.S. Chamber of Commerce, and Vestwell, among others.
These letters came on the heels of an October op-ed for The Hill, where Sens. Portman and Cardin highlighted the urgent need for the Senate to pass bipartisan legislation to update the country’s retirement system to help Americans better save for retirement.
SEE ALSO:
• Industry to Congress: Pass SECURE 2.0 Already!
• Portman, Cardin: Get Retirement Reform Done Now
Veteran financial services industry journalist Brian Anderson joined 401(k) Specialist as Managing Editor in January 2019. He has led editorial content for a variety of well-known properties including Insurance Forums, Life Insurance Selling, National Underwriter Life & Health, and Senior Market Advisor. He has always maintained a focus on providing readers with timely, useful information intended to help them build their business.