18 Dec BPC Action Applauds Deal on SECURE Act in Budget and Appropriations, Retirement and Social Security
PC Action applauds Congress for reaching bicameral, bipartisan agreement on the Setting Every Community up for Retirement Enhancement (SECURE) Act of 2019 included in the budget deal. In particular, we thank Sens. Grassley (R-IA) and Wyden (D-OR) and Reps. Neal (D-MA) and Brady (R-TX) for their leadership on this important legislation.
The SECURE Act is critical to making financial stability in retirement a reality for millions of Americans, and it contains several provisions based on Bipartisan Policy Center (BPC) recommendations, including increasing workplace retirement savings, expanding 401(k) coverage to part-time workers, and making it easier to include lifetime income options in retirement plans.
“Improvements to the U.S. retirement system are long overdue and the SECURE Act is a great place to start,” said BPC’s director of economy policy Shai Akabas. “But even once implemented, millions of working Americans will still lack access to 401(k)s, pension plans will continue to go belly up, and Social Security’s long-term solvency issues will remain unaddressed. We cannot afford to have Congress stop here.”
After several years of bipartisan leadership, BPC and BPC Action applaud Congress for reaching agreement on this critical bill which will enable millions of Americans to have a more financially secure retirement.