NEW YORK, March 29, 2022 – TIAA issued the following statement from Thasunda Brown Duckett, president and CEO, upon U.S. House passage of the Securing a Strong Retirement Act of 2022 (“SSRA”):
“As a leading provider of retirement plans in the not-for-profit community, TIAA commends Congress’ efforts to further improve and modernize the private retirement system. This proposal is especially important as it builds on the SECURE Act, which took significant steps to expand access to lifetime income and increase retirement security for all Americans.
“As Congress continues to work to advance SSRA, TIAA looks forward to working with lawmakers to further strengthen the legislation by including provisions that would help improve American workers’ access to guaranteed lifetime income solutions in retirement by modernizing the existing rules for default investments in retirement plans.
“The thoughtful, holistic and bipartisan policymaking represented in this bill demonstrates lawmakers’ commitment to improving the retirement outcomes of individuals and families across the country. The SSRA will help increase savings, ensure greater access to workplace retirement plans, and simplify and streamline the retirement system, and it would only be further strengthened by improving retirement savers’ access to guaranteed lifetime income.
“If enacted, the SSRA will help more Americans attain a secure financial future and increase their confidence in achieving overall financial well-being. I am hopeful that with Congress’ continued leadership, we will leverage the momentum of the SECURE Act to achieve additional bipartisan reforms.”
TIAA is a leading provider of secure retirements and outcome-focused investment solutions to millions of people and thousands of institutions. It is the #1 not-for-profit retirement market provider1, paid more than $3.6 billion to retired clients in 2020 and has nearly $1.4 trillion in assets under management (as of 12/31/2021)2.