U.S. House of Representatives sends a strong message that retirement policy for working Americans is a top priority
May 23, 2019 — GREENWOOD VILLAGE, Colo.–(BUSINESS WIRE)–Today the U.S. House of Representatives sent a message with its approval of a bill that reforms retirement policy affecting working Americans. “It’s exciting that retirement policy has garnered bipartisan support from Reps. Richard Neal, D-Mass., chairman of the Ways & Means Committee, and Kevin Brady, R-Texas, the committee’s ranking member, who understand the importance of helping American workers save for retirement. ”
The House approved 417-3 the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019. This bill – one of three retirement policy proposals in Congress – would bring on necessary reforms in retirement planning policy and encourage Americans to save for retirement.
Empower Retirement, which administers $610 billion in assets for more than 9 million retirement plan participants, applauds this bipartisan effort.
Empower President & CEO Edmund F. Murphy III said:
“Congress has done a great service to American retirement savers by voting for the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019. Empower Retirement applauds lawmakers for considering these big ideas and big changes to retirement planning.
“It’s exciting that retirement policy has garnered bipartisan support from Reps. Richard Neal, D-Mass., chairman of the Ways & Means Committee, and Kevin Brady, R-Texas, the committee’s ranking member, who understand the importance of helping American workers save for retirement.
“This bill has the potential to make it easier for small businesses to set up retirement plans – something they’ve told us they favor. We believe these changes will encourage retirement savings and help provide American workers with a more secure retirement.
“The next stop is the Senate, where we hope these reforms move quickly.
“The Senate’s similar legislation, the Retirement Enhancement Savings Act, also is riding a bipartisan wave of support and swift action on these proposals lays the foundation for Congress to begin working on the next round of pension reform.”
About Empower Retirement
Headquartered in metro Denver, Empower Retirement administers $610 billion in assets for more than 9 million retirement plan participants.1 It is the nation’s second-largest retirement plan record keeper by total participants (Pensions & Investments, April 2018). Empower serves all segments of the employer-sponsored retirement plan market: government 457 plans; small, midsize and large corporate 401(k) clients; non-profit 403(b) entities; private-label recordkeeping clients; and Individual Retirement Account customers. For more information please visit www.Empower-retirement.com.
1 Information refers to the business of Great-West Life & Annuity Insurance Company and its subsidiaries, including Great-West Life & Annuity Insurance Company of New York. Of the total assets under administration (AUA), as of 9/30/18, $570B represents the AUA of GWL&A of NY. AUA do not reflect the financial stability or strength of a company. GWL&A assets total $60.9B and liabilities total $58.9B. GWL&A of NY assets total $58.9B and liabilities total $2.2B.
To learn more about how we’re empowering plan sponsors and their participants to be more engaged in their retirement plans than ever before, call us at 800-719-9914.
Great-West Financial®, Empower Retirement and Great-West Investments™ are the marketing names of Great-West Life & Annuity Insurance Company, Corporate Headquarters: Greenwood Village, CO; Great-West Life & Annuity Insurance Company of New York, Home Office: New York, NY, and their subsidiaries and affiliates, including registered investment advisers Advised Assets Group, LLC and Great-West Capital Management, LLC. Putnam is affiliated with GWL&A and GWL&A of NY and their subsidiaries and affiliates. JP Morgan Retirement Plan Services is not affiliated with GWL&A, GWL&A of NY or their subsidiaries and affiliates.