Members Discuss Bipartisan Retirement Savings Solutions, Press for Further Action to Ensure All Americans Can Retire with Dignity
WASHINGTON – Today, the Subcommittee on Health, Employment, Labor, and Pensions (HELP) held a hearing titled, “Enhancing Retirement Security: Examining Proposals to Simplify and Modernize Retirement Plan Administration.” The hearing focused on four bipartisan retirement savings bills: Retirement Security for American Workers Act (H.R. 854), Retirement Plan Modernization Act (H.R. 4158), Increasing Access to a Secure Retirement Act of 2017 (H.R. 4604), and the Receiving Electronic Statements to Improve Retiree Earnings (RETIRE) Act (H.R. 4610).
Ranking Member Gregorio Kilili Sablan (NMI-AL) is the co-author of the Retirement Plan Modernization Act.
“My bipartisan bill with Chairman Walberg, makes a common sense and long overdue update to the safe harbor threshold by which employers could transfer the account of a former employee to an IRA,” said Ranking Member Gregorio Kilili Sablan (NMI-AL), Subcommittee on Health, Employment, Labor, and Pensions.
Congresswoman Lisa Blunt Rochester (DE-AL) is the co-author of Increasing Access to a Secure Retirement Act of 2017, which seeks to increase workers’ access to lifetime income options, or annuities, in their retirement plan.
“With 10,000 baby boomers retiring every day, it is essential that we find new and innovative ways to increase access and provide more options for families to save for their futures,” said Congresswoman Lisa Blunt Rochester (DE-AL). “My bipartisan legislation with Chairman Walberg strengthens consumer protections and provides another tool in the tool box for businesses and consumers to secure retirement savings. I am pleased that our bipartisan legislation is a part of the discussion to enhance, simplify and modernize retirement. I look forward to continuing our work for America’s families with my House Education and Workforce colleagues in advancing solutions that make it easier to save for retirement.”
All four bills discussed at today’s hearing advance priorities of retirement plan participants and businesses.
Committee Democrats are continuing to express their concern that too many Americans lack access to a retirement savings plan through their employer, and too few are saving enough on their own to enjoy a stable and dignified retirement. In the weeks and months ahead, Committee Democrats will press for further action to expand workers’ access to retirement savings plans and ensure all Americans are able to achieve a stable and dignified retirement.
TESTIMONY: Mark Iwry, Nonresident Senior Fellow, Brookings Institution, Testifying on Behalf of Self
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