For Immediate Release
Washington, DC – The following statement should be attributed to Aliya Robinson, Senior Vice President of Retirement and Compensation Policy, The ERISA Industry Committee (ERIC):
“The ERISA Industry Committee applauds Congress for including the SECURE Act in the just passed 2020 spending bill. The Act provides Americans with greater retirement security by delivering a permanent fix allowing workers to continue accruing benefits in frozen pension plans, extending the required minimum distribution rules, and helping with student debt repayment.
The passage of the SECURE Act is a major accomplishment that will allow Congress to turn to other important retirement issues. ERIC looks forward to working with all interested parties in the new year to bring additional flexibility and modernization into the private retirement system. In particular, we look forward to updating the lifetime income disclosure rules to allow plan sponsors to continue providing disclosures that are specific to participants and beneficiaries; modernizing the 401(k) plan system through updating several provisions including the definition of a highly compensated employee and providing financial wellness through student loan debt repayment and emergency savings; and working with Congress to find a comprehensive solution to the multiemployer pension crisis.”