Posted on June 23, 2021

Momentum Building to Advance Bipartisan Measure This Year

WASHINGTON, D.C. – Momentum for comprehensive, bipartisan retirement security legislation is building, according to the Insured Retirement Institute (IRI), as a second House committee convened a hearing today to discuss approaches to address the nation’s retirement crisis.

The hearing is expected to assess provisions of HR 2954, the Securing a Strong Retirement Act, and other policy proposals that fall within the jurisdiction of the House Education and Labor Committee. HR 2954 was passed unanimously by the House Ways and Means Committee in May.

The Education and Labor Committee has jurisdiction over issues related to employer-provided retirement plans, among others. HR 2954 includes several measures supported by IRI, which will expand opportunities for employees of nonprofits, public educational organizations, and religious institutions to save for retirement using pooled-employer plans. Other provisions would facilitate the use of protected lifetime income solutions to insure against the risk of outliving one’s retirement savings and help individuals more readily obtain information about past and possibly forgotten retirement accounts.

“This hearing is further evidence that Congress is committed to pursuing enactment of common-sense, bipartisan solutions to build economic equity and strengthen the financial security of America’s workers and retirees to sustain them throughout their retirement years,” said Paul Richman, IRI Chief Government and Political Affairs Officer. “We remain optimistic that the House will act on legislation this year.”

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Contact: Dan Zielinski