On Tuesday, October 27, 2020, Ways and Means Chairman Richard E. Neal (D-MA) and Ranking Member Kevin Brady (R-TX) introduced the Securing a Strong Retirement Act of 2020. The proposed legislation would build upon the reforms of the SECURE Act of 2019, increasing the Saver’s Credit, making it possible for employers to match employees’ student loan debt repayments in their retirement account, creating a national online database to match employees with lost retirement accounts, among other provisions.
The Aspen Institute Financial Security Program’s Executive Director Ida Rademacher released the following statement in response to the news:
It has never been more apparent that millions of Americans live precarious financial lives. That instability, as evidenced by multiple provisions of the CARES Act, poses a clear threat to retirement savings. I applaud the bipartisan leadership from Ways and Means Committee Chairman Richard Neal (D-MA) and Ranking Member Kevin Brady (R-TX), who today introduced the Securing a Strong Retirement Act of 2020. Legislation like this that acknowledges the lived reality of workers in today’s economy – from the very real burden of student loan debt, to the rapid rate of job change, to the need for more equitable savings incentives – signals that retirement security remains a top priority for the American public, and that congressional leaders understand how we must solve Americans’ short-term challenges if we are to improve their long-term financial security. That this bill follows so quickly on the heels of the SECURE Act of 2019 shows that there is the will to continue to improve our savings system to ensure that we finally provide access to retirement savings to the nearly half of all working Americans who still lack a retirement account at work.
To explore more ideas for how we can reimagine retirement savings and build a more inclusive savings system, we encourage you to read Re-Imagining Retirement Amid New Uncertainty, the report summarizing the discussions held at the 2020 Aspen Leadership Forum on Retirement Savings.
For more information on the Aspen Institute Financial Security Program visit AspenFSP.org.
About The Aspen Institute
The Aspen Institute is a global nonprofit organization committed to realizing a free, just, and equitable society. Since its founding in 1949, the Institute has been driving change through dialogue, leadership, and action to help solve the most critical challenges facing communities in the United States and around the world. Headquartered in Washington, DC, the Institute has a campus in Aspen, Colorado, and an international network of partners.
About The Aspen Institute Financial Security Program
The Aspen Institute Financial Security Program’s (Aspen FSP) mission is to illuminate and solve the most critical financial challenges facing American households and to make financial security for all a top national priority. We aim for nothing less than a more inclusive economy with reduced wealth inequality and shared prosperity. We believe that transformational change requires innovation, trust, leadership, and entrepreneurial thinking. FSP galvanizes a diverse set of leaders across the public, private, and nonprofit sectors to solve the most critical financial challenges. We do this through deep, deliberate private and public dialogues and by elevating evidence-based research and solutions that will strengthen the financial health and security of financially vulnerable Americans.