IRI STATEMENT ON SENATE ACTION ON SECURE ACT

Posted on November 7, 2019

WASHINGTON, D.C. -- IRI President and CEO Wayne Chopus today issued a statement following the Senate’s attempt today to debate the Setting Every Community Up for Retirement Enhancement (SECURE) Act.

“Earlier today, another unsuccessful attempt was made in the Senate to advance the SECURE Act.

America is facing a retirement crisis because too few workers are saving adequately for retirement. The Senate has a bill before it that offers more opportunities for millions of Americans to expand their savings and income prospects during their retirement years.

That bill is the SECURE Act which will create 700,000 new retirement accounts, enhance features of workplace retirement plans to increase the number of workers who participate in plans and provide new information to help workers plan and save more for their retirement years.

Additionally, the bill includes measures that will help many others including:

  • 500,000 volunteer firefighters and EMS workers who put their lives on the line each and every day from being taxed on incentives they may receive from the communities they serve.
  • 18,000 gold star families who are being denied an adjustment to the excessive taxation rate their survivor benefits for their children are now being taxed;
  • More than 4 million workers nationwide in private sector pension plans who are now at risk of losing future benefits
  • 1,400 religiously affiliated organizations nationwide, who are at risk of not having access to their defined contribution plans.

The SECURE Act has been years in the making. Passing this comprehensive legislation this year would show all Americans that Congress can deliver much-needed common-sense bipartisan solutions that address serious concerns for American workers who someday hope to achieve a financially secure retirement.

It’s time for the Senate to take “yes” for an answer and pass the SECURE Act to benefit millions of Americans.”

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