Advocacy in action blog

NAIFA CEO Kevin Mayeux, CAE, has sent a letter to three members of the U.S. Senate Finance Committee, Sen. Chuck Grassley (R-IA), Sen. Maggie Hassan (D-NH), and Sen. James Lankford (R-OK), thanking them for introducing the Improving Access to Retirement Savings Act of 2021, which contains some provisions found in a bill that has passed the House and is commonly known as the SECURE Act 2.0.

NAIFA joined with coalition partners to submit a letter to U.S. Senate co-sponsors of the Securing and Enabling Commerce Using Remote and Electronic Notarization Act (SECURE Notarization Act), signaling support for the legislative initiative moving forward. The Act increases access to remote transactions for consumers.

House Ways and Means Committee Chairman Richard E. Neal (D-MA) and Ranking Member Kevin Brady (R-TX) have introduced the Securing a Strong Retirement Act of 2021, also known as the SECURE Act 2.0, and Neal has scheduled a markup session in the committee for Wednesday.

The SECURE Act, enacted in December 2019, changes the rules for certain inherited retirement accounts whose original owners died after Dec. 31, 2019. Under the new rule, many heirs to IRAs and 401(k) accounts will have to fully distribute the funds from their inherited accounts (and pay income tax on the distributions) within 10 years of the original owner’s death. The rule does not apply to surviving spouses, minor children, heirs who are disabled or chronically ill, and heirs who are within 10 years of the age of the decedent.