Is Public Policy Reinventing Retirement? The SECURE Act offers clues.
Since the original employer-sponsored plans launched in the late 1970s, policy has powered retirement saving enhancements. Reviewing the past gives us cues for the future and context for the next wave of retirement reform, namely, the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019.
More than a decade has passed since the last major burst of retirement reform. The growth of automatic enrollment and target date funds transformed the way workers saved and invested for retirement. Since then, however, the innovation engine had idled. Before the May 2019 passage of the SECURE Act, in the House of Representatives, many wondered when policymakers would kick into gear to address the continued shortfall in retirement savings and income.