PLANSPONSOR - October/November 2020 - 6

RULES & REGULATIONS
Eager Reception for 'SECURE Act 2.0'
M
embers of the Ways and Means
Committee of the U.S. House
of Representatives released in
late October proposed retirement reform
legislation called the Securing a Strong
Retirement Act of 2020. The proposed legislation
was introduced by Ways and Means
Committee Chairman Richard Neal,
D-Massachusetts, and Ranking Member
Kevin Brady, R-Texas.
As the two explain, the proposed
legislation builds in various ways upon the
landmark Setting Every Community Up
for Retirement Enhancement (SECURE)
Act, which was signed into law last
December and was the most comprehensive
retirement security legislation in more
than a decade. Although it will take time
for the retirement plan industry to study
the proposed legislation, early feedback has
been positive, reflecting the reactions to
the initial publication of the SECURE Act.
" Our country is facing a retirement
savings crisis that has been compounded
by the economic impact of the COVID-19
pandemic, " says Financial Services
Institute (FSI) President and CEO Dale
Brown, noting that his organization is
still digesting the sizable proposal. " 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. "
... the legislation is ambitious and
a potentially worthy successor to
the highly popular SECURE Act.
" Congress is demonstrating once
again that retirement security is a bipartisan
issue in which leaders from both
political parties focus on solutions
to benefit workers and retirees, " says
Wayne Chopus, president and CEO of the
Insured Retirement Institute (IRI).
Chopus notes that the IRI has been
advocating for many of the points included
in the Securing a Strong Retirement Act,
such as the provision to increase the qualified
plan required minimum distribution
(RMD) age to 75, the elimination of
barriers to allow greater use of lifetime
6 PLANSPONSOR.COM October - November 2020
Art by Chiara Brazzale
income products, the expansion of retirement
savings opportunities for nonprofit
organization employees and the creation
of greater clarity for startup tax credits
that incentivize small businesses to join
multiple employer plans (MEPs) and
pooled employer plans (PEPs).
Chris Spence, managing director of
federal government relations at TIAA,
also hails the legislation, while expressing
some caution.
" TIAA applauds Chairman Neal and
Congressman Brady for today's introduction
of the Securing a Strong Retirement
Act of 2020, " he says. " This bipartisan
legislation will build on the important
retirement reforms set in motion by
enactment of the SECURE Act, which
passed last year. While we are just beginning
our review of the legislation, TIAA
is supportive of a number of proposed
measures that will address today's
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