Senate Could Vote Friday On Bill Expanding Annuity Options In Plans

A source says Senate leaders want to quickly vote on a bill to expand access and options for retirement plans, which passed the House this morning.

Under the maneuver, the Setting Every Community Up for Retirement (SECURE) Act would be voted on under unanimous consent. That means that the Senate could quickly pass the bill Friday, as long as no senator objects.

The SECURE Act is designed to expand access to workplace retirement plans, particularly for small businesses, and will improve the ability for employers to extend greater access to annuity options in those plans.

House committees have debated the proposal for several weeks.

Meanwhile, Senate Finance Committee Chairman Chuck Grassley (R-Iowa) and Ranking Member Ron Wyden (D-Ore.) introduced and held a hearing on the Retirement Enhancement and Savings Act (RESA).

Both bills accomplish the same goals, so passage of the SECURE Act would seem likely.

Roughly 700,000 more U.S. workers will start saving for retirement if the SECURE Act become law, according to an estimate by the American Council of Life Insurers. For many in the industry, getting the bill sent to the president's desk for a likely signature into law is the culmination of a laborious lobbying effort.

Last week, nearly 600 members from the National Association of Insurance and Financial Advisors blanketed Capitol Hill while lobbying lawmakers.

"The SECURE Act, which passed the House today with overwhelming bipartisan support, would give millions of Americans better opportunities to prepare for retirement," said NAIFA CEO Kevin Mayeux in a statement. "It would provide employers more incentives and make it easier for them to offer retirement plans for employees."

Groups supporting the SECURE Act include:

• U.S. Chamber of Commerce
• Principal Financial Group
• TransAmerica
• National Association of Manufacturers
• The American Benefits Council
• AALU
• American Council of Life Insurers
• The Committee of Annuity Insurers
• The Consumer Bankers Association
• The Insured Retirement Institute
• the National Association for Fixed Annuities
• the National Association of Insurance Commissioners
• The National Association of Insurance and Financial Advisors
• The Securities Industry and Financial Markets Association
• the SPARK Institute, Inc
• TIAA
• Girl Scouts of the USA
• UJA—Federation of New York, Inc.
• National Rural Electric Cooperative Assoc.
• Boy Scouts of America
• United Benefits Group
• NTCA - The Rural Broadband Association
• The Jewish Federations of North America
• Christian Schools International
• Jewish United Fund
• Jewish Federation of Metropolitan Chicago
• Hawkeye Insurance Association
• National Council of Farmer Cooperatives
• AARP
• AIG
• Air Line Pilots Assoc International
• American Retirement Association
• American Securities Association
• Boy Scouts of America
• ICMA-RC
• Lincoln Financial Group
• MassMutual
• Mercer
• MetLife
• National Assoc of Counties
• National Assoc of Emergency Medical Technicians
• National Assoc of Insurance and Financial Advisors
• National Assoc of Towns and Townships
• National Assoc of Women Business Owners
• National Volunteer Fire Council
• Nationwide
• New York Life
• Pacific Life

InsuranceNewsNet Senior Editor John Hilton has covered business and other beats in more than 20 years of daily journalism. John may be reached at [email protected].

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InsuranceNewsNet Senior Editor John Hilton has covered business and other beats in more than 20 years of daily journalism. John may be reached at [email protected]. Follow him on Twitter @INNJohnH.