Senators and retirement exec discuss importance of SECURE 2.0 for Americans
Senators Portman and Cardin speak with Nationwide’s Eric Stevenson at the 2022 EBRI Summit
Trying economic times have weakened the retirement readiness of millions of Americans due to historic inflation, rising interest rates, and continued pandemic impacts. As Americans save less than they have in nearly a decade, workers have had to delay or cancel their retirement, major life plans, and their 401(k) contributions to help manage expenses.
There may be relief for struggling American savers with the SECURE 2.0. The legislation will help provide Americans the tools to improve their financial outlook.
At the 2022 Employee Benefit Research Institute (EBRI) Retirement Summit, Senators Rob Portman and Ben Cardin spoke with Eric Stevenson, president of Nationwide Retirement Solutions, on the opportunities SECURE 2.0 provides.
Watch the video above to check out the full panel discussion.
“A Nationwide Retirement Institute survey found that 93% of financial professionals agree that SECURE 2.0 would benefit their clients,” said Stevenson. “And it’s not difficult to see why. It includes many beneficial provisions that offer powerful new opportunities for plan sponsors and plan participants.”
Some of the retirement provisions in the proposed SECURE 2.0 legislation that could, if included in the final version, provide help to strengthen Americans’ financial futures include an enhanced start-up and employer match tax credit, improved long-time, part-time worker benefits, new student loan matching opportunities for employers, and the Enhancing Emergency and Retirement Savings Act.
“America has always been in the forefront of positive economic indicators, except in one category – our national savings rates have always been low and our money in retirement accounts have always been low,” said Senator Cardin. “We got involved in this originally to increase retirement security.”
“The biggest benefit that I see is people being able to have a comfortable retirement and being able to help themselves and their families,” said Senator Portman. “We’ve made a difference in people’s lives and that’s the most important thing.”
“SECURE 2.0 will make it easier for businesses to offer retirement plans, help workers save more, and improve retirement preparedness. Providing more American workers access, opportunity, and enhancements to their retirement savings is a clear need in 2023 and beyond,” said Stevenson.