House Ways and Means Committee Chairman Richard Neal (D-MA) has certainly been a high-profile advocate of legislative efforts intended to improve the retirement security of Americans, and now his work has earned repeat recognition from a leading association for the retirement income industry.
The Insured Retirement Institute (IRI) this week presented Rep. Neal and colleague Rep. Mike Kelly (R-PA) with its “IRI 2020 Champion of Retirement Security Award” for what it calls their outstanding contributions and leadership to enhance and strengthen retirement security for America’s workers and retirees.
“We are honored to present Chairman Neal and Congressman Kelly with IRI’s 2020 Champion of Retirement Security Award for their tireless advocacy on behalf of America’s workers and retirees and their commitment to advancing policies to address the nation’s retirement crisis,” said Wayne Chopus, IRI President and CEO.
Chairman Neal established retirement security as one of his top priorities shortly after taking the reins of the Ways and Means Committee in 2019. He moved quickly to advance bipartisan legislation, the Setting Every Community Up for Retirement Enhancement (SECURE) Act, through the House by May (by an overwhelming 417-3 vote), and it became law in December of 2019. The new law significantly expands access to workplace retirement plans for millions more full- and part-time workers, particularly those employed by small businesses. The SECURE Act also expands opportunities for workers to obtain guaranteed lifetime income products.
More recently, Chairman Neal introduced a second bipartisan retirement security bill, the Securing a Strong Retirement Act of 2020 (often called “SECURE 2.0”). This legislation would further enhance retirement plan access and features for workers and expand access to lifetime income products to ensure retirees will not outlive savings. Several policies IRI supports and has advocated for are included in the bill.
Chairman Neal is the first two-time recipient of the IRI Champion of Retirement Security Award. He was previously recognized in 2014.
“Improving Americans’ long-term financial security has been a key priority of mine throughout my career in Congress and as Chairman of the Ways and Means Committee,” Chairman Neal said. “I’m grateful to the Insured Retirement Institute for their continued partnership and am delighted to be the first two-time recipient of their Champion of Retirement Security Award. Together, we will address our nation’s retirement crisis and make secure, dignified retirements a reality for all Americans.”
Kelly the original SECURE Act co-sponsor
Rep. Kelly, a long-standing member of the House Ways and Means Committee, also co-chairs the House Retirement Caucus. IRI called him a “passionate advocate for retirement security” and noted he was the original co-sponsor of the SECURE Act.
Rep. Kelly successfully advocated for a provision in the SECURE Act to allow small businesses to pool together to offer their workers retirement plans. He has sought improved access to retirement savings for military members and their spouses. Rep. Kelly also has supported efforts to ensure consumer choice in selecting professional investment advice.
In October, Kelly co-sponsored the Savings for All Vocations Enhancement Act (SAVE Act), which seeks to increase access to retirement savings for employees of nonprofit organizations that utilize 403b plans, incentivize S-Corporation businesses to convert to an Employee Stock Ownership Plan (ESOP) structure, and correct overly harsh IRA penalties bringing them in line with those of 401ks.
“It is a tremendous honor to receive the 2020 Champion of Retirement Security Award,” said Rep. Kelly. “IRI is fighting to give Americans more options for a financially secure retirement in their golden years, and I am proud to stand shoulder to shoulder with them in that effort. Since coming to Congress, it has been a top priority of mine to find common ground on both sides of the aisle to empower Americans to keep more of their hard-earned money and expand options for them to better plan for and save for their retirement. Let’s keep working together to make that a reality for more Americans and their families!”
The IRI Champion of Retirement Security Award was established in 2013 to recognize policymakers who work to enhance retirement security in the United States. “IRI and our members are thankful to Chairman Neal and Congressman Kelly for their commitment to advancing effective retirement security policies for our nation,” Chopus said. “We share that commitment and look forward to working with them.”
Iowa’s Ommen earns state award
Earlier this month, IRI presented its State Champion of Retirement Security Award to Iowa Insurance Division Commissioner Doug Ommen for, among other things, his leadership among the National Association of Insurance Commissioners (NAIC) Annuity Suitability Working Group to establish a best interest standard for insurance producers that appropriately aligns with the SEC’s Regulation Best Interest.
“During his time as Chair of the NAIC Life Insurance and Annuities Committee, he pursued a wide range of efforts to help America’s workers prepare for and achieve a secure and dignified retirement,” Chopus said of Ommen. “We thank him for his service, accomplishments, and tireless commitment to Americans’ retirement security.”
SEE ALSO:
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.
