The APA Government Relations Task Force (GRTF) Subcommittee on State and Local Topics sent a letter to the U.S. House Ways and Means Committee in support of H.R. 8696, the Securing a Strong Retirement Act of 2020 (SECURE Act 2.0), a federal bill which would expand on retirement plan legislation passed late last year.
The SECURE Act 2.0 would provide workers with greater access to retirement plans, offer incentives and defray costs for small employers to establish retirement plans for their employees, and remove the need for state governments to create private-sector retirement programs. The proposed measure also could improve uniformity for businesses with employees located in multiple states.
The proposed bill was introduced by House Ways and Means Committee Chairman Richard Neal (D-Mass.) and Kevin Brady (R-Texas) and has bipartisan support. Both representatives expressed concern that the COVID-19 pandemic has not only negatively impacted current financial needs but also further compromised the ability for individuals to save for retirement.
The APA is optimistic that with effective national measures to help workers save for retirement, the burden on payroll professionals and their employers to comply with different mandatory state and local plans will be greatly reduced.
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Alice P. Jacobsohn, Esq., is Director of Government Relations for APA.