Support for the Inclusion of the Bipartisan Legacy IRA Act
On behalf of the undersigned non-profits, including charities and faith-based organizations, we want to express support for the inclusion of the bipartisan Legacy IRA Act in the “Securing a Strong Retirement Act of 2021” due to be marked up shortly.
We appreciate you placing a priority on increasing retirement savings so more individuals can plan for a financially secure retirement. Just as COVID-19 has shaken the economic support for millions of individuals and their families that will have long-term consequences on their finances and retirement, nonprofits are also facing serious challenges now and well into the future. According to Johns Hopkins’ Center for Civil Society Studies, the nonprofit sector is still down by nearly one million nonprofit jobs, as of this January, and it will take nearly two years for the sector to return to its pre-COVID level of employment.
As part of the broader Securing a Strong Retirement Act, the Legacy IRA provision will encourage more charitable giving by enabling seniors to make tax-free contributions from their individual retirement accounts (IRA) to charities through life-income plans. It is an important piece of broader efforts to facilitate our sector’s long-term recovery. Many of our organizations are dependent on private philanthropy, including gift planning. We believe the Legacy IRA provision simply offers seniors another philanthropic option and would incentivize more giving to help charities while helping middle-income seniors who need a lifetime income.
We strongly support the inclusion of the Legacy IRA Act as part of the Securing a Strong Retirement Act. America is stronger when everyone has the opportunity to give, to get involved, and to strengthen their communities.
Alliance for Strong Families and Communities
American Alliance of Museums
American Cancer Society Cancer Action Network
American Heart Association
American Lung Association
American Red Cross
Americans for the Arts
Association of Art Museum Directors
Association of Fundraising Professionals
Big Brothers Big Sisters of America
Boys & Girls Clubs of America
Council for Advancement and Support of Education
Council for Christian Colleges & Universities
Council on Foundations
Girl Scouts of the USA
Goodwill Industries International, Inc.
Habitat for Humanity International
Hemophilia Federation of America
Jewish Federations of North America
League of American Orchestras
Lutheran Services in America
March of Dimes
Mental Health America
National Alliance on Mental Illness
National Association of Charitable Gift Planners
National Association of College and University Business Officers
National Health Council
National MS Society
Performing Arts Alliance
Providence St. Joseph Health
The Nonprofit Alliance
The Salvation Army USA
Theatre Communications Group
United Philanthropy Forum
YMCA of the USA