STATEMENT OF THE INSURED RETIREMENT INSTITUTE REGARDING SEN. ROB PORTMAN RETIREMENT ANNOUNCEMENT

Posted on January 25, 2021

WASHINGTON, D.C. - The Insured Retirement Institute (IRI) issued the following statement on the announcement by Sen. Rob Portman (R-Ohio) that he would not seek re-election in 2022.  

“Few in Congress in the last 30 years have fought harder to increase opportunities for America’s workers and retirees to save for retirement than Senator Rob Portman. His leadership and support for federal policies to allow families to create sustainable protected retirement income they cannot outlive will be truly missed,” said Wayne Chopus, IRI President and CEO. “His strong voice and long legacy of working across the aisle on bipartisan, common-sense solutions has earned him the respect and admiration of his colleagues in the Senate.”

Throughout his career, Senator Portman has championed America’s retirement security. He was one of the Senate leaders who worked to advance the “Setting Every Community Up for Retirement Enhancement (SECURE) Act.” This bipartisan bill, enacted in 2019, is already proving to be a big step forward on the path to addressing the many challenges America’s workers and retirees face in seeking a secure and dignified retirement.

Before the SECURE Act was passed, he introduced and advocated for the “Retirement Security and Savings Act of 2019.” This comprehensive, bipartisan bill would further strengthen and enhance retirement security. IRI has endorsed this legislation to expand access to workplace retirement plans and increase access to protected lifetime income options.

“IRI remains firmly committed to working with Senator Portman during the remainder of his Senate term to advance this legislation,” Chopus said. “It is the right legislative solution, and Senator Portman is a leader who can garner the bipartisan support required to pass this bill to improve retirement security for millions more workers and retirees.”

In 2013, IRI awarded its Champion of Retirement Security Award to Senator Portman in recognition of his commitment and leadership on retirement security issues. At that time, IRI recognized Senator Portman and Senator Ben Cardin (D-Md.) for their work co-authoring the “Comprehensive Retirement Security and Pension Reform Act,” commonly referred to as

Portman-Cardin. The bill, enacted as part of the “Economic Growth and Tax Relief Reconciliation Act” of 2001, increased retirement plan contribution limits, addressed portability issues, and facilitated the expansion of small business retirement plans. He also was the lead co-sponsor of a concurrent Senate resolution expressing the sense of the Congress that the current tax incentives for retirement savings provide significant benefits to America’s workers and retirees to help them plan for a financially secure retirement.

# # #

Contact: Dan Zielinski