Posted on September 13, 2018

WASHINTON, D.C. – A retirement security bill approved today by a House committee is a “crucial first step” to help Americans increase retirement savings, according to the Insured Retirement Institute (IRI).

The House Ways and Means Committee considered a three-bill package of tax and retirement proposals that are a follow-up to the Tax Cuts and Jobs Act enacted earlier this year. The retirement provisions passed today are contained in The Family Savings Act of 2018, H.R. 6757.

IRI said it was encouraged by the progress on retirement security legislation but also urged that additional provisions must be included in the House bill.

“Retirement security measures are needed to boost Americans’ retirement savings,” said Cathy Weatherford, IRI president and CEO. “We appreciate Chairman Kevin Brady’s leadership in advancing this important legislation through the committee. However, we should not miss this opportunity to do more to significantly boost retirement security.”

IRI says it will continue to pursue additional provisions to boost participation in workplace retirement plans and provide greater access to products that can provide guaranteed lifetime retirement income. The organization also supports lifetime income disclosures on benefit statements, so workers can gauge what their monthly retirement income might be and wants to enhance retirement plan auto-enrollment to boost employee participation.

IRI, the leading proponent of retirement security legislation, says that the additional provisions are contained in other retirement-related legislation that enjoy strong bipartisan support.

“Bipartisan support for additional provisions exists and they should be added to the Family Savings Act,” Weatherford said. “We must capitalize on the momentum created by today’s crucial first step and enact comprehensive, bipartisan retirement security legislation this year that will significantly help Americans to bolster their retirement income.”

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Contact: Dan Zielinski