NAIFA Members Asking Congress To Enact SECURE Act

By Susan Rupe

Members of the National Association of Insurance and Financial Advisors are urging Congress to enact a package that would help workers better prepare for retirement. NAIFA members are travelling to Washington Tuesday and Wednesday for their annual political advocacy event.

The 2019 NAIFA Congressional Conference kicks off Tuesday with an advocacy briefing. Members will travel to the U.S. Capitol on Wednesday to meet with their elected representatives.

NAIFA members are asking Congress to enact the SECURE Act, (H.R. 1994) in the House of Representatives, and RESA (S. 972) in the Senate. This is a package of bipartisan retirement provisions that include increased access to retirement plans, expanded guaranteed retirement income, and provide tools to help workers better understand how much monthly income is possible from their retirement savings account.

This legislation also would expand open multiple-employer plans that would allow small business to join other employers, significantly reducing costs and administrative responsibilities. A lifetime income disclosure would help retirement savers estimate how much monthly income could be derived from their account balance.

In addition, the legislation would improve access to lifetime income by enacting the annuity selection safe harbor for plan sponsors and providing lifetime income portability.

NAIFA members also are asking Congress to continue to support policies that encourage families and businesses to save for retirement, and protect against financial risks associated with death, disability, illness and long-term care.

This year, NAIFA members are using the conference as an opportunity to build new relationships and strengthening existing relationships with members of Congress. Members are educating their representatives and staff about the value of life insurance, annuities, retirement savings and employee benefits.

During this afternoon’s advocacy briefing, members will hear from Sen. Chuck Grassley, R-Iowa, chair of the Senate Finance Committee, and Rep. Jackie Walorski, R-Ind., member of the House Ways and Means Committee.

Susan Rupe is managing editor for InsuranceNewsNet. She formerly served as communications director for an insurance agents' association and was an award-winning newspaper reporter and editor. Contact her at [email protected]. Follow her on Twitter @INNsusan.