Posted on May 21, 2021

Retirement Security Solutions Continue to Gain Bipartisan Momentum

WASHINGTON, D.C. – Prospects are improving for Congress to advance comprehensive retirement security legislation this year, according to the Insured Retirement Institute (IRI), which today announced its support for a bipartisan measure introduced by Senators Ben Cardin (D-Md.) and Rob Portman (R-Ohio).

The measure contains provisions to boost worker savings in employer-provided retirement plans, improve access to guaranteed lifetime income products, increase the age for required minimum distributions from retirement accounts, and provide additional incentives for small businesses to initiate retirement plans.

The Cardin-Portman measure is the third comprehensive retirement bill introduced in both the House and Senate in the past few weeks. A similar bipartisan House bill recently was unanimously passed by the Ways and Means Committee. A separate Senate measure by Senators Maggie Hassan (D-N.H.), Chuck Grassley (R-Iowa), and James Lankford (R-Okla.) was also introduced this week.

“Senators Cardin and Portman are longtime retirement security champions for America’s workers and retirees, and IRI enthusiastically supports this legislation,” said Wayne Chopus, IRI President & CEO. “Their leadership in advancing common-sense, bipartisan policies that expand access to workplace retirement plans and increase access to guaranteed lifetime income options will help individuals and families build their nest eggs and better prepare for their retirement years.”

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