SENATE HEARING EXPLORES CHALLENGES TO RETIREMENT SECURITY

Posted on December 9, 2020

IRI Urges Action on Bipartisan Legislation

WASHINGTON, D.C. – A Senate subcommittee today will examine the challenges Americans face to achieve retirement financial security. In a statement submitted to the subcommittee, the Insured Retirement Institute (IRI) said that too few workers and retirees are accumulating sufficient savings and that too many lack access to opportunities to ensure they will have enough income to last throughout their retirement years.

The Senate Finance Subcommittee on Social Security, Pensions, & Family Policy, chaired by Senator Rob Portman (R-Ohio), scheduled a hearing, “Investigating Challenges to American Retirement Security,” to discuss solutions to the nation’s retirement crisis.

IRI has endorsed bipartisan retirement security legislation introduced by Senator Portman and Senator Ben Cardin (D-Md.), the Retirement Security and Savings Act. IRI also supports a similar House bill, the Securing a Stronger Retirement Act, introduced by Ways and Means Committee Chairman Richard Neal (D-Mass.) and Rep. Kevin Brady (R-Texas).

“Both the Senate and House legislation are bipartisan, common-sense proposals to help Americans achieve their retirement goals,“ said Wayne Chopus, IRI President and CEO. “These bills are a positive step toward expanding access to workplace retirement plans and increasing access to guaranteed lifetime income options, which will help Americans better prepare for their retirement years.”

IRI identified nearly two dozen provisions in the House and Senate bills that are identical or substantially similar. Both contain 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 remove burdens and provide incentives for small businesses to initiate retirement plans.

Several provisions in the two bills were included in IRI’s 5-Point Plan to help retirement savers recover from COVID-19 and the group’s 2020 Federal Retirement Security Blueprint.

“We have the right legislative solutions, the right leadership, and bipartisan support to improve the retirement security for millions more workers and retirees,” Chopus said. “We urge Congress to act quickly and pass this important legislation.”

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Contact: Dan Zielinski