Jun 06, 2019

The SECURE ACT Passes the House in Congress

By Goldman Sachs Personal Financial Management

Photo credit: Getty Images

In my last blog, I discussed in detail the pending legislation in Congress that seeks to grapple with the retirement income crisis that many Americans are facing. I also promised to provide updates as the legislation makes its way through the halls of Congress, on its way to becoming law.

On May 30th, the House of Representatives passed the SECURE ACT by an astounding bipartisan vote of 417-3. It is expected to be approved in the Senate sometime this summer.

As I mentioned in my blog, the SECURE Act will make it easier for employers to provide access to retirement plans; help workers to participate in such plans so they can save more proactively; and promote the use of annuities in employer-sponsored retirement plans.

I have previously written extensively about the positive changes in the annuities market so I won’t repeat myself here. But I will say that, at the very least, when the SECURE ACT becomes law, it would be wise of business owners to consult with their advisers to determine which annuities may be appropriate to offer as part of their retirement plans.

I will have additional updates as things progress. Please stay tuned!

Disclosures: Investing involves risk and clients should carefully consider their own investment objectives and never rely on any single chart, graph or marketing piece to make decisions. The information contained herein is intended for information only, is not a recommendation to buy or sell any securities, and should not be considered investment advice. Please contact your financial adviser with questions about your specific needs and circumstances.

All data quoted in this piece is for informational purposes only, and United Capital does not warrant the accuracy, completeness, timeliness, or any other characteristic of the data. All data are driven from publicly available information and has not been independently verified by United Capital.

Pfm author logo
ABOUT THE AUTHOR

Goldman Sachs Personal Financial Management

United Capital Financial Advisers, LLC d/b/a Goldman Sachs Personal Financial Management (“GS PFM”) is a registered investment adviser and an affiliate of Goldman Sachs & Co. LLC and subsidiary of The Goldman Sachs Group, Inc., a worldwide, full-service investment banking, broker-dealer, asset management, and financial services organization.

The information contained herein is intended for informational purposes only, is not a recommendation to buy or sell any securities, and should not be considered investment advice. GS PFM does not provide legal, tax, or accounting advice. Clients should obtain their own independent legal, tax, or accounting advice based on their particular circumstances. Please contact your financial adviser with questions about your specific needs and circumstances.

Information and opinions expressed by individuals other than GS PFM employees do not necessarily reflect the view of GS PFM. Information and opinions expressed in this article are as of the date of this material only and subject to change without notice.

Ready to start a conversation? We’re here to listen.

Conversation

Tell us about yourself at no cost or obligation.

  • An introduction to an advisor
  • A personal conversation
  • Your questions answered

Confirmation success!

Thank you for your submission.

By submitting the above, you acknowledge that the information you are providing is subject to our Privacy Policy and Terms of Use. You also consent to our marketing of products and services through a variety of means, including automated email systems, that you will be responsible for charges incurred in connection with a call or email, and that we may share your information with our affiliates for marketing.

To withdraw your consent to receive calls or to change your preferences, please call us at 1 (800) 796-3315. To stop marketing emails, follow the opt-out instructions in the email received.