U.S. Chamber Signs SECURE 2.0 Support Letter

Dear Mr. Leader, Madam Speaker, Republican Leader McConnell and Republican Leader McCarthy,

We, the undersigned organizations, urge you to take quick action and pass a compilation of retirement provisions known as SECURE 2.0. The Senate Committees on Finance and Health, Education, Labor and Pension took steps earlier this year, unanimously passing the Enhancing American Retirement Now (EARN) Act and the Retirement Improvement and Savings Enhancement to Supplement Healthy Investments for the Nest Egg (RISE & SHINE) Act, respectively, out of each committee. This followed the House of Representatives’ overwhelmingly bipartisan passage of the Securing a Strong Retirement Act (SSRA) in May by a vote of 414-5.

Americans are living longer, and many fear outliving their savings. More importantly, the economic impact of the pandemic, continuing market fluctuations and volatility, a historically significant focus on underserved communities and vulnerable populations, and increasing longevity demonstrate the need for Congress to consider policies to expand access to retirement savings. In 2019, Congress took a momentous step forward when it passed the bipartisan Setting Every Community Up for Retirement Enhancement (SECURE) Act putting more Americans on a path to a secure and dignified retirement. Congress must now act to pass the bipartisan SECURE 2.0 legislation and help more Americans build retirement savings and strengthen their financial security.

SECURE 2.0 includes bipartisan, common-sense solutions to address the anxiety and insecurity workers and retirees have about their retirement security. The components of SECURE 2.0 will encourage more employers to offer opportunities to save for retirement at work, make it easier and less costly for small businesses to offer retirement plans, and help ensure retirement savings last a lifetime. Additional provisions address challenges faced by more vulnerable savers such as part-time workers, military spouses, low-income individuals, and those with student loan debt.

We respectfully ask that you take quick action and make this proposal a top priority during the upcoming lame-duck session.

Sincerely,

American Council of Life Insurers

Allianz Life Insurance Company of North America

American Benefits Council

American Equity Investment Life Holding Company

American Retirement Association

Bipartisan Policy Center Action

Blue Star Families

Cetera Financial Group

Corebridge Financial, Inc.

Credit Union National Association

CUNA Mutual Group

Edward Jones Investments

Empower Retirement

Fidelity Investments

Financial Services Institute

Finseca

Franklin Templeton Investments

Genworth Financial

Global Atlantic Financial Group

Insured Retirement Institute

International DI Society

Investment Company Institute

Jackson National Life Insurance Company

John Hancock Life Insurance Company

LPL Financial Holdings, Inc.

Marsh McLennan

Massachusetts Mutual Life Insurance Company

MetLife Mutual of Omaha

National African American Insurance Association

National Association of Federally-Insured Credit Unions

National Association of Fleet Administrators

National Association of Independent Financial Advisors

National Disability Institute

Nationwide Mutual Insurance Company

New York Life Insurance Company

Northern Trust Corporation

OneAmerica Financial Partners

Pacific Life Insurance Company

Principal Financial Group

Protective Life Insurance Company

Prudential Financial

Retirement Industry Trust Association

Russell Investments

Sammons Financial Group, Inc.

Securities Industry and Financial Markets Association

Security Benefit

State Street Corporation

Sunny Day Fund

Symetra Financial Teachers Insurance and Annuity Association of America

The Church Alliance

The Committee of Annuity Insurers

The ERISA Industry Committee

The SPARK Institute

Thrivent

Transamerica Corporation

U.S. Chamber of Commerce

United Services Automobile Association

Wells Fargo & Company

Women’s Institute for a Secure Retirement