Jun 06, 2019

The SECURE ACT Passes the House in Congress

By Heather Kelly

Photo credit: Getty Images

In my last blog, I discussed in detail the pending legislation in Congress that seeks to grapple with the retirement income crisis that many Americans are facing. I also promised to provide updates as the legislation makes its way through the halls of Congress, on its way to becoming law.

On May 30th, the House of Representatives passed the SECURE ACT by an astounding bipartisan vote of 417-3. It is expected to be approved in the Senate sometime this summer.

As I mentioned in my blog, the SECURE Act will make it easier for employers to provide access to retirement plans; help workers to participate in such plans so they can save more proactively; and promote the use of annuities in employer-sponsored retirement plans.

I have previously written extensively about the positive changes in the annuities market so I won’t repeat myself here. But I will say that, at the very least, when the SECURE ACT becomes law, it would be wise of business owners to consult with their advisers to determine which annuities may be appropriate to offer as part of their retirement plans.

I will have additional updates as things progress. Please stay tuned!

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