SECURE II Introduced In House Committee

SECURE II has been introduced in a congressional committee, following a similar track taken by the SECURE Act late last year.

The Securing a Strong Retirement Act of 2020's contents are still being reviewed, but early comments focused on the bill’s bipartisanship and the nation’s retirement needs.

The bill was introduced by Committee Chairman Richard Neal, D-Mass., and Committee Ranking Member Kevin Brady, R-Texas.

American Council of Life Insurers CEO Susan Neely applauded the bipartisan effort.

“Chairman Neal and Ranking Member Brady are extraordinary champions for workers saving for retirement,” Neely said. “Their proposal reflects many important bipartisan priorities, and we look forward to continuing to work with them to strengthen Americans’ financial footing.”

Among other things the bill would:

• Allow people who have saved too little to set more aside for their retirement.
• Offer low and moderate-income workers a tax credit for contributions to a 401(k) or similar plan.
• Help people with student loans save by letting employers make retirement plan contributions equal to what an employee pays on their loans.
• Further support the use of annuities that provide guaranteed lifetime income in retirement.

  A section-by-section summary of the bill is available here.

Financial Services Institute CEO Dale Brown said action builds on the SECURE Act, which FSI called the most comprehensive retirement security legislation in more than a decade.

“Our country is facing a retirement savings crisis that has been compounded by the economic impact of the COVID-19 pandemic,” Brown said. “It is promising to see continued interest in Congress to address this critical issue, and we applaud the committee leadership’s bipartisan approach. We look forward to working constructively with lawmakers to ensure this crucial legislation effectively assists Main Street Americans’ ability to achieve a financially secure retirement.”

Wayne Chopus, CEO of the Insured Retirement Institute, echoed the bipartisan sentiment and sense of urgency.

“This new legislation would build upon the SECURE Act’s success to help workers and retirees save more so they can achieve a financially secure and dignified retirement,” Chopus said in published remarks. “Like the SECURE Act, this new bill is a comprehensive, bipartisan approach to improve employer-provided retirement plans for workers by enhancing access and features.”

Setting Every Community Up for Retirement Enhancement Act of 2019 was signed into law in December 2019.

This report compiled by InsuranceNewsNet staff.