WASHINGTON – Comprehensive retirement security legislation dubbed SECURE 2.0 would result in billions of dollars in increased savings for Americans who need it the most, according to new research from the American Council of Life Insurers (ACLI).
Based on analysis of a revenue estimate of the legislation by the Joint Committee on Taxation, ACLI found that the bill would increase savings over 10 years for specific groups of Americans including:
- $40.5 billion in increased savings for new workers
- $20.5 billion for small business employees
- $9 billion for older workers
- $8.5 billion for student loan borrowers
- $2.7 billion for low- and middle-income earners
- $1.5 billion for long-term, part-time workers
- $865 million for nonprofit workers
- $117 million for military spouses
See ACLI’s infographic here.
“SECURE 2.0 builds upon the SECURE Act that passed in 2019 and would address gaps in the retirement system that have left some people on the sidelines of savings, unable to access workplace retirement plans,” said ACLI Vice President, Retirement Security & Principal Deputy Kathleen Coulombe. “It overwhelmingly passed the U.S. House and similar legislation was passed by two U.S. Senate Committees. With strong bipartisan support and a pressing need for action, the time is now for Congress to pass the bill and send it to the president’s desk.”
The American Council of Life Insurers (ACLI) is the leading trade association driving public policy and advocacy on behalf of the life insurance industry. 90 million American families rely on the life insurance industry for financial protection and retirement security. ACLI’s member companies are dedicated to protecting consumers’ financial wellbeing through life insurance, annuities, retirement plans, long-term care insurance, disability income insurance, reinsurance, and dental, vision and other supplemental benefits. ACLI’s 280 member companies represent 94 percent of industry assets in the United States.
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