ICYMI: The House Passes The SECURE Act, FPA’s OneFPA Network As A Second Draft And Disability Insurance’s Impact On Financial Health

In case you missed it:

House Passes Bipartisan SECURE Act

The U.S. House of Representatives voted Thursday to pass the Setting Every Community Up for Retirement Enhancement, or SECURE Act.

The bipartisan package passed the House 417-3 with 12 non-votes. The retirement provisions in the bill aim to increase access to retirement plans, expand guaranteed retirement income and provide tools to help workers better understand how much monthly income is possible from their retirement savings account.

Next, the bill travels to the Senate, where the similar Retirement Enhancement and Savings Act is under consideration. RESA could be thrown out in favor of the SECURE Act  under a unanimous consent agreement, which would fast-track the bill to a vote today, given that no Senator objects.

The SECURE Act has the support of a number of industry groups, including the National Association of Insurance and Financial Advisors and the Association of Advanced Life Underwriting.

Comment Period Closing Soon On FPA’s OneFPA Network Second Draft

The second iteration of the OneFPA Network draft plan is still open for public comment until May 30.

The new plan was drafted after a 4-month-long listening tour of the local FPA chapters. The new version accounts for some of the key concerns of the original plan such as dissolution of local chapters and new technology roll outs.

The plan is available for review at onefpanetwork.org.

Lack Of Disability Insurance Is Hurting Americans Financial Health

May is Disability Insurance Month, a month-long awareness campaign about the importance of disability insurance.

This week, an awareness survey from Cigna revealed that workers who are laid off due to illness or injury are often more worried about their financial health than their physical health.

The survey found that 52% of Americans without DI said they felt financially unprepared for their disabling event, compared to 19% of those who have coverage.

One in five without disability coverage characterized their post-disability financial position as poor, compared to 7% of those who had coverage.

Housing costs and regular bills were also a major stressor for those without DI coverage. Forty percent of respondents said they were extremely worried about their ability to pay their mortgage or rent. Another 33% were worried about their ability to pay for life’s necessities.

AdvisorNews Managing Editor Cassie Miller may be reached at cassie.miller@Adnewsfeedback.com. Cassie has an extensive background in magazine writing, editing and design. Follow her on Twitter @ANCassieM.