ASA Welcomes Bipartisan Retirement Security Legislation
We look forward to partnering with policymakers on both sides of the aisle to help shepherd these needed reforms through the legislative process
WASHINGTON – The American Securities Association (ASA) today 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.
“ASA applauds Chairman Neal and Ranking Member Brady for coming together and advancing common sense solutions to help more American families, workers, and small businesses save and invest for retirement,” said ASA CEO Chris Iacovella. “We look forward to partnering with policymakers on both sides of the aisle to help shepherd these needed reforms through the legislative process.”
According to Reps. Neal and Brady, the legislation would:
Promote savings earlier for retirement by enrolling employees automatically in their company’s 401(k) plan, when a new plan is created;
Create a new financial incentive for small businesses to offer retirement plans;
Increase and modernize the existing federal tax credit for contributions to a retirement plan or IRA (the Saver’s Credit);
Expand retirement savings options for non-profit employees by allowing groups of non-profits to join together to offer retirement plans to their employees;
Offer individuals 60 and older more flexibility to set aside savings as they approach retirement;
Allow individuals to save for retirement longer by increasing the required minimum distribution age to 75;
Allow individuals to pay down a student loan instead of contributing to a 401(k) plan and still receive an employer match in their retirement plan;
Make it easier for military spouses who change jobs frequently to save for retirement;
Allow individuals more flexibility to make gifts to charity through their IRAs;
Allow taxpayers to avoid harsh penalties for inadvertent errors managing an IRA that can lead to a loss of retirement savings;
Protect retirees who unknowingly receive retirement plan overpayments; and
Make it easier for employees to find lost retirement accounts by creating a national, online, database of lost accounts.
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/.