Washington, December 17, 2019 – TIAA issued the following statement from Roger W. Ferguson, Jr., president and CEO, upon U.S. House passage of the Setting Every Community Up for Retirement (SECURE) Act:
“TIAA commends Congress for prioritizing passage of the SECURE Act, the first comprehensive retirement reform in the U.S. in over a decade. This much-needed bill stands to reshape and modernize much of our private retirement system by increasing access for millions of Americans to a workplace retirement plan and by allowing for guaranteed lifetime income options, by way of annuities, in these plans.
“The legislation also requires an annual statement that illustrates retirement account balances as a monthly income stream to show participants what they may expect to see as their ‘paycheck’ meant to last throughout retirement, a critical piece of a sound retirement plan. With life expectancy growing, the SECURE Act will also allow Americans to put more money into their retirement accounts by raising the age of required minimum distributions. Together, all of these provisions will significantly help Americans build their financial futures.
“Upon Senate passage and stroke of the President’s pen, we can build on this broadly bipartisan legislation and start the real work of improving Americans’ retirement security so that more workers are able to enjoy a dignified life in retirement.
“We are hopeful that Congress will build on this momentum and pass legislation—such as the Retirement Security and Savings Act – to further ensure every American enjoys a well-earned and secure life in retirement.”
With an award-winning 1 track record for consistent investment performance, TIAA (TIAA.org) is the leading provider of financial services in the academic, research, medical, cultural and government fields. TIAA has $1 trillion in assets under management (as of 9/30/2019 2) and offers a wide range of financial solutions, including investing, banking, advice and education, and retirement services.