The 130-page Securing a Strong Retirement Act of 2020 is set to build on 2019's SECURE Act.
Some of the legislation’s goals, according to the American Council of Life Insurers (ACLI), are:
- To get employees to save earlier for retirement
- To promote automatic enrollment in 401(k) plans
- Incentive small businesses to offer retirement plans
- “Increase and modernize the existing federal tax credit for contributions to a retirement plan or IRA (the saver’s credit)”
- Provide nonprofit employees with more retirement savings options by allowing nonprofits to band together to offer retirement plans