For the past three years, Congress has attempted to pass major retirement reform legislation. It has finally succeeded with the year-end passage of two spending packages meant to avert a government shutdown. One of the packages, the Further Consolidated Appropriations Act, 2020 (FCAA), includes multiple bills—including the Setting Every Community Up for Retirement Enhancement (SECURE) Act, which contains several major retirement-related provisions. These provisions are nearly identical to those included in an earlier version of the SECURE Act that was passed by the U.S. House of Representatives in May 2019. At the time of this publication, the President had not yet signed these bills into law. But it is widely anticipated that he will.

Ascensus President David Musto contributed a byline to PLANADVISER in which he encourages political influencers to look beyond next year’s election and consider our nation’s outlook in 2044. Based on a retirement age of 67, the average American worker is expected to retire in 2044. Will these workers be able to retire comfortably, having accumulated adequate savings? Musto highlights how the passage of the SECURE Act, with its provisions incentivizing retirement plan creation and increasing plan accessibility, might help boost their chances. "Kudos to Congress for working together to propose meaningful and much-needed retirement reform legislation. We’re almost over the hurdle and on our way to a brighter retirement future for all Americans," he concludes.