TIAA Applauds Inclusion of SECURE 2.0 Retirement Provisions in Appropriations Package

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Dec 20, 2022, 04:08 ET

NEW YORK, Dec. 19, 2022 /PRNewswire/ -- TIAA issued the following statement from Thasunda Brown Duckett, president and CEO, on the inclusion of the provisions from SECURE 2.0 in the appropriations package:

"Today, many Americans are facing financial challenges amid high inflation, rising interest rates and market volatility, jeopardizing their ability to save and prepare for retirement. SECURE 2.0 provides impactful provisions that can strengthen the retirement readiness of millions of Americans during these trying economic times and beyond. The thoughtful, wide-reaching legislation will help increase savings, ensure greater access to workplace retirement plans, and provide more workers with an opportunity to receive a secure stream of income in retirement.

"SECURE 2.0's common-sense, wide-reaching measures will continue the much-needed evolution of America's private retirement system, further providing access to retirement plans regardless of where workers are in their financial preparation journey. Significantly, the legislation continues to recognize the critical role that guaranteed lifetime income solutions play in retirement. Other key provisions can enable lower-income workers to save more; bring retirement savings plans to more workers, including part-time workers and those at small businesses and non-profit organizations; help younger workers start to save through student loan matching provisions; and enable greater savings and flexibility for those nearing retirement.

"This is an important bipartisan step forward on retirement security and we urge members of Congress to swiftly unite on this bill and pass this legislation before the end of the year."

About TIAA

TIAA is a leading provider of secure retirements and outcome-focused investment solutions to millions of people and thousands of institutions. It is the #1 not-for-profit retirement market provider¹, paid more than $6.4 billion in lifetime income to retired clients in 2021 and has $1.2 trillion in assets under management (as of 9/30/2022)².

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As of July 21, 2022. Based on data in PLANSPONSOR's 403(b) 2022 DC Recordkeeping Survey, combined 457 and 403(b) data.
As of September 30, 2022, assets under management across Nuveen Investments affiliates and TIAA investment management teams are $1,179 billion.

SOURCE TIAA