Commentray & Opinion

Finseca Applauds Efforts to Achieve Financial Security for All

The Automatic IRA Act of 2024

WASHINGTON, D.C. (February 7, 2024) – Today, Congressman Richard Neal (D-MA), a House Ways and Means Committee member, took one more step toward ensuring that more Americans can retire securely by introducing the Automatic IRA Act of 2024.

“Congressman Neal’s dedication to enhancing Financial Security for All is commendable,” said Marc Cadin, CEO of Finseca. “The American people already face a $7 trillion gap in retirement savings, and according to estimates by LIMRA, we’re also staring down a $12 trillion protection gap. With the insolvency of Social Security looming too, we’re on the brink of a financial crisis, and the Automatic IRA Act of 2024 promises to boost retirement savings for millions, especially benefiting young and low-income workers lacking access to workplace savings. Furthermore, this expands on the efforts of Secure 2.0 and is exactly the kind of leadership we need to help Americans reach their goal of becoming more financially secure.”

The American people already face a $7 trillion gap in retirement savings, and according to estimates by LIMRA, we're also staring down a $12 trillion protection gap...

The Automatic IRA Act of 2024 proposes that employers with over ten employees lacking a retirement plan must automatically enroll their employees in IRAs (automatic IRAs) or other similar contribution plans such as 401(k)s. This initiative aims to empower more Americans to address retirement planning challenges by facilitating workplace savings. Finseca and its members eagerly anticipate collaborating with Congressman Richard Neal and the committee to advance Financial Security for All.

 

 

 About Finseca
At Finseca, we know that financial security improves people’s lives and protects their livelihoods and future wellbeing. We are rising to the challenge of increasing financial security for all. Finseca represents the men and women of the financial security profession who dedicate themselves to delivering financial security to their clients every day.