Sen. Scott Sends Letter Urging Senate to Take Up Landmark Retirement Legislation

Staff Report From South Carolina CEO

Thursday, October 17th, 2019

Senator Tim Scott (R-SC) led a letter to Senate Majority Leader Mitch McConnell (R-KY) urging immediate Senate consideration of the bipartisan Setting Every Community Up for Retirement Enhancement Act, or SECURE Act. Scott was joined on the letter by Senators Susan Collins (R-ME), Joni Ernst (R-IA), Cory Gardner (R-CO) Rob Portman (R-OH), Martha McSally (R-AZ), and Thom Tillis (R-NC).

“This bipartisan legislation would expand access to retirement plans for millions of Americans, allow older workers and retirees to contribute more to their retirement accounts, increase 401(k) coverage to part-time employees, prevent as many as 4 million people in private-sector pension plans from losing future benefits, protect 1,400 religiously affiliated organizations whose access to their defined contribution retirement plans is in jeopardy, and do the right thing for Gold Star families.

“We encourage the Senate to take action on the SECURE Act as soon as possible. Doing so demonstrates to our constituents that the Senate can lead in a bipartisan way for workers saving for retirement, tax fairness, and family financial security.”

“There’s so much momentum for this bill which is good for small business owners and their employees. Sen. Scott continues to lead for families, in this case helping so many start to save for retirement and safeguarding others’ retirement security. The SECURE Act also helps Gold Star families and volunteer first responders. It’s the perfect time for the Senate to act and get this commonsense, important bipartisan legislation over the finish line — securing millions of Americans’ financial futures.” – Susan K. Neely, President and CEO, American Council of Life Insurers

The SECURE ACT will make significant strides in fixing the nation’s retirement crisis and helping workers of all ages invest and save for their futures. With a passage of 417-3 in the House of Representatives, this widely bipartisan bill will not only benefit America’s elderly, but also Gold Star families, apprenticeship program participants, low-income scholarship recipients, and children of fallen first responders.