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Submits statement for the record at Senate Finance Committee hearing
WASHINGTON – Ahead of today’s Senate Finance Committee hearing on investigating challenges to American retirement security, the American Securities Association (ASA) outlined several policy recommendations to make it easier for more Americans to save for retirement and other significant financial life milestones.
“ASA applauds the Committee’s interest in strengthening America’s retirement security and we look forward to working with policymakers on both sides of the aisle to improve on the current retirement system and expand savings opportunities for hardworking individuals and families across every socio-economic class,” said ASA CEO Chris Iacovella.
“Rather than place costly and burdensome mandates on America’s small businesses, the 2019 bipartisan SECURE Act correctly recognizes that government incentives and increased efficiency are better tools to address the savings gap,” ASA Head of Government Affairs Kelli McMorrow wrote in a statement for the record.
In the statement, ASA urged the Committee to consider the following policy priorities:
Improve small business retirement plan options
Encourage utilization of financial planning
Build on the success of 529 plans
Expand and encourage the use of digital communications
Increase the required minimum distribution age to 75
In October, ASA welcomed the introduction of the Securing a Strong Retirement Act of 2020, bipartisan legislation sponsored by Ways and Means Committee Chairman Richard Neal (D-MA) and Ranking Member Kevin Brady (R-TX), to strengthen retirement security.
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ASA’s regional financial services companies work in communities across the country to create jobs, grow the economy, and increase prosperity for all Americans. The ASA exclusively represents the capital market and private client interests of its members and seeks to promote free market principles making it easier to access financial advice and capital. ASA members help Americans save for retirement, provide Main Street businesses with capital to grow, and advise hardworking Americans how to create and preserve wealth. For the latest updates follow @AmerSecurities and learn more at http://americansecurities.org/.