Posted on December 19, 2018

Clock Runs Out Despite Strong Bipartisan Support in House and Senate

WASHINGTON, DC – Congress is unlikely to pass comprehensive retirement legislation this year despite strong bipartisan support in the House and Senate, according to the Insured Retirement Institute (IRI).  

As Congress churns toward adjournment, an agreement to pass stop-gap funding legislation to keep portions of the federal government open, which have not yet received their fiscal year 2019 appropriations, appears to be the final measure that Congress will enact in 2018. A new session of Congress begins on January 3.

“We are very disappointed that Congress did not adopt comprehensive retirement security legislation despite the strong showing of bipartisan support for it in the House and Senate,” said Cathy Weatherford, IRI president and CEO. “We’ve missed an opportunity to help millions of American workers prepare for a secure retirement with improved access to income that cannot be outlived during their retirement years.”

IRI remains optimistic that the combination of a looming retirement crisis for which Americans are not adequately saving and the bipartisan support for a legislative solution will create a strong basis to revive this year’s measure in January when a new Congress convenes.

IRI-supported legislation would help American workers with common-sense solutions to expand opportunities to save for retirement; increase access to lifetime income products; help savers make more-informed decisions about their finances for retirement; enhance features of workplace retirement plans and help small employers save on retirement plan administrative costs.

“Achieving bipartisan consensus on any issue in today’s highly partisan environment is a major victory,” Weatherford said. “IRI will continue its efforts next year to build additional support for measures to help Americans overcome the obstacles they now face in saving for their retirement.”

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