We’re pretty sure Senate Majority Leader Mitch McConnell still isn’t listening, but that hasn’t stopped yet another contingent of SECURE Act supporters from begging him to bring the landmark retirement reform legislation with overwhelming bipartisan support to the Senate floor for a vote.
On Nov. 5, 91 business and community leaders sent a letter to McConnell and Senate Minority Leader Chuck Schumer urging them to pass the “Setting Every Community Up for Retirement Enhancement” (SECURE) Act.
McConnell, the all-powerful gatekeeper of anything the Senate votes on, has displayed a preference for saving “valuable Senate floor time” for confirming the White House’s administrative and judicial nominees. Other high-profile issues such as gun control and election security have also been stonewalled by McConnell, who has embraced his “Grim Reaper” reputation borne of burying House Speaker Nancy Pelosi’s legislative priorities.
But the SECURE Act, even with Republican support, still has not been deemed worthy of Senate consideration by McConnell. Due to a handful of Republican Senators putting “holds” on the bill and thus preventing it from being passed via “unanimous consent,” the bill would need to be discussed on the Senate floor before a vote could occur.
In recent weeks, a group of GOP senators and a bipartisan group of House members has also pushed McConnell for quick Senate action on the House-passed bill, but it remains something McConnell shows little to no appetite for addressing.
Supporters of the SECURE Act maintain hope it could be attached to a mandatory federal spending bill the Senate must pass before the end of the year. Otherwise, unless McConnell changes his tune, the SECURE Act and its key retirement reforms could be relegated to what many refer to as the “Do-Nothing” Senate’s 2019 legislative scrap heap, surely to be resurrected again in some form in 2020.
The latest letter
Brian Graff, CEO of the American Retirement Association, is among a veritable “Who’s Who” in the insurance and financial services industry that signed the Nov. 5 letter, as is Susan Neely, president and CEO of the American Council of Life Insurers.
ACLI initiated the effort to line up supporters to sign and send the letter. Below is a blog post from Neely regarding the letter and the SECURE Act’s importance to retirement savers, Gold Star families, first responders and others:
On May 23, the U.S. House of Representatives overwhelmingly passed the Setting Every Community Up for Retirement Enhancement (SECURE) Act, 417-3.
The bipartisan landslide vote was not surprising. SECURE has attracted supporters from across the political spectrum because of all the good it will do for Americans’ financial security.
What is disappointing is that in the nearly six months since the House vote, the Senate still hasn’t voted on SECURE.
To that end, the American Council of Life Insurers led an initiative for SECURE supporters to sign a letter to Senate Majority Leader Mitch McConnell and Senate Minority Leader Chuck Schumer urging them to pass SECURE.
The effort attracted a broad coalition of businesses, trade associations and community groups.
The leaders of 91 organizations signed the letter that was sent today. The signers include groups as diverse as The Church Alliance, the Bipartisan Policy Center, the National Volunteer Fire Council, and the U.S. Chamber of Commerce. CEOs from dozens of businesses also signed.
It’s no wonder that so many leaders were willing to support this effort.
The SECURE Act includes numerous provisions that will benefit Americans’ financial security. This is critical because one-third of Americans reaching retirement age have less than $25,000 saved. Moreover, 53% of businesses with fewer than 50 employees don’t offer a workplace retirement plan today.
But if the SECURE Act is not signed into law:
- More than 700,000 small business workers will not save for retirement at work.
- More than 4 million workers in private-sector pension plans will be at risk of losing future benefits.
- More than 500,000 volunteer first responders will not receive well-deserved benefits.
- More than 18,000 children and spouses of fallen service members will continue to be subjected to unfair taxation on their survivor benefits.
- 1,400 religiously affiliated organizations will be at risk of losing access to their defined contribution retirement plans.
“We respectfully ask that you make the SECURE Act a top legislative priority and encourage quick action to pass this important bill this year,” the letter concludes.
We are confident that the Senate won’t miss this chance for a win and will pass SECURE.
In addition, Marc Cadin, president and CEO of AALU, offered the following statement on Nov. 5 to 401k Specialist:
“We have too much at stake. 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.”
Many of the same organizations signing the Nov. 5 letter also sent a letter urging quick action on the SECURE Act back on June 17 after the House passed it.
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.
