NAIFA-Supported Legislation Boosts Retirement Options
The Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019 makes 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 SECURE Act, which NAIFA’s grassroots army was instrumental in advancing, will result in 700,000 additional American workers saving for retirement.
NAIFA’s SECURE Act Resource Kit is now available as a service to our industry. Submit your name and email address using the form on this page to access the kit.
Among the SECURE Act’s main provisions, it:
- Modifies rules and addresses liability issues to encourage small employers to offer certain retirement plans to workers
- Encourages the availability and the portability of annuity options within retirement plans
- Requires retirement plan providers to annually disclose the monthly lifetime income value of retirement accounts, so that workers can better gauge their financial security in retirement
- Provides employers tax credits for starting plans and for automatically enrolling workers into retirement plans
- Gives long-term, part-time workers better access to employer-provided retirement plans
- Permits parents of newborn or newly adopted children to withdraw up to $5,000 from retirement accounts without suffering early-withdrawal tax penalties