Voya encourages Congress to pass new legislation to ensure all Americans have necessary resources for successful retirement
Voya data finds majority of American workers agree the government should. | May 5, 2021
SECURE Act 2.0 Passed Unanimously by Ways and Means Committee
A rare unanimous affirmative voice vote by the Ways and Means Committee allows the SECURE Act 2.0 to be considered by the full House of Representatives.
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The Ways and Means Committee of the U.S. House of Representatives voted unanimously Wednesday afternoon to advance the Securing a Strong Retirement Act for future consideration by the full chamber.
Led by Ways and Means Committee Chairman Richard Neal, D-Massachusetts, and Ranking Member Kevin Brady, R-Texas, the committee members spoke one after another in praise of the legislation, which they refer to as the “SECURE Act 2.0,” a reference to 2019’s Setting Every Community Up for Retirement Enhancement (SECURE) Act. They used words such as “joy” and “delight” to describe their feelings about the advancement of the bill, which has been the recipient of significant support from all facets of the retirement planning industry.
House Committee To Vote on Bipartisan Retirement Legislation
Measure Will Improve Workplace Retirement Plans and Access to Lifetime Income Solutions WASHINGTON, D.C., UNITED STATES, May 5, 2021 /EINPresswire.com/ A House Committee is expected to vote today on bipartisan retirement security legislation to enhance features of employer-provided retirement plans, expand the opportunities for more workers to save for retirement, and facilitate the use of protected lifetime income solutions. The Securing a Stronger Retirement Act of 2021 includes several provisions advocated by the Insured Retirement Institute (IRI). It also builds upon the success of the Setting Every Community Up for Retirement Enhancement (SECURE) Act, which was enacted in 2019.
House Committee Expected to Advance ‘SECURE Act 2.0’
Commenting on the expected legislative action, sources agree the stakes remain high when it comes to addressing the U.S. retirement security gap.
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The House Ways and Means Committee has scheduled a markup session for 11 a.m. EST, May 5 i.e., tomorrow focused on advancing the “Securing a Strong Retirement Act.”
A markup session is where a committee formally considers a bill and debates amendments, should any be put forward by committee members. Typically, such sessions conclude with a vote on a final version of a bill for full House floor consideration, though other outcomes are possible that would potentially pause or slow the bill’s progress. Should the committee advance the bill by majority vote, it is possible the full House could vote on the legislation in the coming weeks or months.