I imagine being called to testify before Congress feels a bit like being called to the principal’s office, particularly when these hearings are partisan and contentious. Fortunately, #401k legislation continues to have support from both sides of the aisle as everyone works together to help Americans save more and prepare for #retirement. Last week the Senate Finance Committee met to discuss various aspects of what the industry has termed SECURE 2.0 (a follow up to the Secure Act). Presenting to the committee are Ms. Robinson of The ERISA Industry Committee (ERIC), Brian Graff of the National Association of Plan Advisors and American Retirement Association, David Certner of the American Association of Retired Persons, and Tobias Read of the OregonSaves program.
On behalf of so many hardworking Americans, and on behalf of our industry, thank you Brian Graff for your work and advocacy on Capital Hill.
In his testimony, Brian Graff reported that the American Retirement Association estimates that if SECURE 2.0 becomes law there will be 51 MILLION new savers in America and $6.2 TRILLION in savings over the next 10 years, and most of the 51 MILLION (98%) earn less than $100,000 a year.
Bottom line: If this new law following up the SECURE Act is implemented, it will help a ton of people in this country prepare for retirement.