The retirement security legislation passed by Congress will expand access to retirement plans through open Multiple Employer Plans.
The Senate today passed the Setting Every Community Up for Retirement Enhancement (SECURE) Act as part of a government-funding agreement. The Senate’s action follows passage by the House earlier this week. The groundbreaking legislation will—among other outcomes—increase access to retirement plans for small business workers through open Multiple Employer Plans, improve retirement savings, and make it easier for workers to convert savings to guaranteed retirement income that cannot be outlived.
The company issued the following statement today following the passage of this legislation:
“Prudential commends Congress for enacting this important, bipartisan legislation. The SECURE Act contains the most significant legislative enhancements to the private-sector retirement system in over a decade and will improve the retirement readiness of millions of Americans. Prudential has long advocated for the SECURE Act, which will meaningfully help the customers we serve each and every day.”