Congressional leaders have included the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019 as part of the fiscal 2020 spending bill. The SECURE Act will make it easier for small businesses to offer employee retirement plans. It will also give retirement savers greater flexibility to participate in plans and choose investment options and will encourage adequate savings amounts. The American Council of Life Insurers (ACLI) estimates that SECURE will result in 700,000 additional American workers saving for retirement.
The spending bill will also permanently repeal the health insurance tax imposed under the Affordable Care Act and the 40 % excise tax on employer health insurance plans that exceed a set value, commonly known as the “Cadillac Tax.”
“The SECURE Act has been a top priority for NAIFA,” said NAIFA CEO Kevin Mayeux. “Our advocacy team, including NAIFA’s grassroots army of tens of thousands of agents and advisors in every state around the country, has worked in support of the SECURE Act since it was first introduced.
“The SECURE Act was the leading advocacy point when nearly 600 NAIFA members had meetings in the offices of their lawmakers on Capitol Hill as part of NAIFA’s Congressional Conference in May. The House of Representatives overwhelming passed the SECURE Act just days after the NAIFA Day on the Hill.
“Throughout the summer and fall, individual NAIFA members met with lawmakers and staff to promote the SECURE Act, and others wrote letters of support for the legislation. Working with the American Council of Life Insurers, NAIFA helped members place letters to the editor explaining the benefits of the SECURE Act in several newspapers in crucial states.
“Last month, NAIFA signed onto a letter with 90 other CEOs from a wide range of organizations, including insurance and financial services companies and associations, urging Congress to pass the SECURE Act. In a separate letter to congressional leaders, a NAIFA member representing each state and the District of Columbia advocated for the legislation. Most recently, on December 4, 120 NAIFA grassroots and political action leaders from every state who attended NAIFA’s National Advocacy Meeting discussed SECURE with members of Congress and their staffs in meetings on Capitol Hill.
“NAIFA’s advocacy work on the SECURE Act, Cadillac Tax, and health plans tax shows the power of NAIFA Nation speaking as a unified voice on behalf of financial professionals and consumers.”