LPL Releases Financial Study on Federal Retirement Legislation

LPL surveyed more than 600 LPL-affiliated financial advisors for feedback on major provisions in SECURE 2.0.

CHARLOTTE, N.C. – This week, American Securities Association (ASA) member LPL Financial LLC received bipartisan praise from federal lawmakers after releasing a study on the impact SECURE 2.0 would have on incentivizing Americans to save for retirement.

“Improving retirement security means increasing retirement savings and the long-term participation of workers in the system,” Senator Ben Cardin (D-MD) said. “We must do all that we can to encourage people at all levels, especially lower- and middle-income, to take advantage of today’s retirement savings opportunities. I’m proud to see our most recent bill largely included in SECURE 2.0. This survey provides further confirmation that SECURE 2.0 must pass this Congress in order to increase retirement savings among working families as well as help close the coverage gap.”

Senator Rob Portman (R-OH) added, “As with the other three pieces of legislation [Senator Ben Cardin and I] worked on together, I am proud to see that in our last Cardin-Portman project we will have a strong impact on the ability of people to save for a healthy retirement.”

In its study, LPL surveyed more than 600 LPL-affiliated financial advisors for feedback on major provisions in SECURE 2.0. More than 95% of respondents said they supported federal retirement legislation and believed these bills would help alleviate challenges individuals face when trying to save for retirement. Additionally, a majority of those surveyed believe small businesses would be incentivized to start a plan by an increase in the existing small business start-up tax credit as proposed in the House and Senate Finance bills. For more information on the study’s findings, click here.

“At LPL Financial, we believe that everyone deserves access to financial advice that furthers their ability to save for major life events, such as buying a home, paying for college tuition, and ultimately retirement,” LPL President and CEO Dan Arnold said. “In that spirit, this legislation may unlock significant retirement options for small businesses and their employees. It’s also very timely, given the impact that the pandemic has had on many Americans’ retirement savings.”

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