Press Releases
Currently showing results related to Retirement and Pensions
GOP Agenda a Threat to Americans’ Retirement Security, House Panel on Pensions Learns
06.14.11 WASHINGTON, D.C. - Seniors’ retirement security would be put in danger if the Republican plan to end Medicare were to be successful since Americans would need hundreds of thousands of dollars in additional retirement savings, a House pension subcommittee discussed today. “Obviously it makes a lot of sense to talk about ways we can work together to try to enhance and improve retirement income for our retirees. In that light, I would respectfully suggest that the majority withdraw their proposal t… Continue Reading
Under 55 Year Olds: Find $182,000 Before You Retire to Pay for the GOP Plan to End Medicare
05.05.11 WASHINGTON, D.C. - A 54-year-old today will have to save an additional $182,000 in their IRA or 401(k) before he or she retires just to pay for the House Republican plan to eliminate Medicare, an analysis released today by U.S. Rep. George Miller (D-CA) found. The Center for Economic and Policy Research (CEPR) estimated that individuals born in 1957 would need $182,000 by the time they retire at 65 to pay the additional costs imposed by the Republican plan if they live to 84. The analysis was … Continue Reading
GAO: Similar Target Date Funds Vary Widely, Increased Scrutiny Needed to Assist Participants and Plan Sponsors
02.23.11 WASHINGTON, D.C. - As target date funds are becoming an increasingly popular investment option in 401(k) and other retirement plans, the Government Accountability Office (GAO) found that wide variations in objectives of target date funds with the same target date could result in significant differences in retirement security at the end of a career. In 2007, the Department of Labor allowed employers and other plan sponsors to make target date funds a default investment option for their participan… Continue Reading
Better Tools Needed to Protect Solvency of Multiemployer Pension Plans, GAO Finds
11.17.10 WASHINGTON, D.C. - The Government Accountability Office (GAO) today recommended that better monitoring and reporting requirements are needed to protect pension plans covering 10.4 million current and future retirees participating in multiemployer plans. “Congress and the Obama administration must work together to address the significant problems GAO raised in order to protect retirees and the nation’s taxpayers,” said U.S. Rep. George Miller (D-Calif.), chair of the House Education and Labor Com… Continue Reading
Miller Statement on New Fee Disclosure Rules for 401(k) Plan Participants
10.14.10 WASHINGTON, D.C. - U.S. Rep. George Miller (D-CA), chair of the House Education and Labor Committee and author of 401(k) fee disclosure legislation, issued the following statement on the Department of Labor’s final rule released today requiring increased disclosure of fees 401(k) participants pay. “I am pleased that the Department of Labor has taken another step to expose hidden fees contained in America’s 401(k) plans. While families are making difficult choices to put something away for their… Continue Reading
Miller Demands New Head of PBGC Address Serious Inspector General Findings
07.23.10 WASHINGTON, D.C. - U.S. Rep. George Miller (D-CA), chairman of the House Education and Labor Committee, called on the Pension Benefit Guaranty Corporation to immediately address serious concerns raised by the agency’s inspector general that an auditing contractor hired by the agency has failed to exercise due diligence and that PBGC failed to properly oversee the contractor. Miller asked the inspector general to look into the termination of the United Airlines plans in 2009. “Plan participants … Continue Reading
Chairman Miller Asks Senate to Put 401(k) Fee Disclosure Back into H.R. 4213, Empower Americans to Protect Their Retirement Savings
06.16.10 WASHINGTON, D.C. - U.S. Rep. George Miller (D-CA), chairman of the House Education and Labor Committee, today called on the U.S. Senate to add back 401(k) fee provisions stripped out of jobs legislation last week. To illustrate the issue, Miller had a pie delivered to each Senator sitting on the Finance Committee with nearly a third of the pie taken out representing the fees Wall Street takes from accountholders. According to a Department of Labor calculation, a one-percentage point difference i… Continue Reading
Chairman Miller: Senate Elimination of 401(k) Fee Disclosure ‘Unacceptable’
06.08.10 WASHINGTON, D.C. - U.S. Rep. George Miller (D-CA), the chair of the House Education and Labor Committee, today said that the U.S. Senate’s proposed elimination of important reforms to expose hidden 401(k) fees was “unacceptable” and vowed to fight to include the reforms. “It is unacceptable for the Senate to eliminate this key consumer protection for the 50 million Americans who have 401(k) plans. We are going to continue to fight to put back these key reforms in this bill,” said Miller. “Once … Continue Reading
House Approves Landmark Effort to Expose Hidden 401(k) Fees
05.28.10 WASHINGTON, D.C. - The U.S. House of Representatives approved legislation today that includes a provision to expose hidden 401(k) fees that may be eating into Americans’ retirement savings. The provision was part of the American Jobs and Closing Tax Loopholes Act (H.R. 4213).“It is beyond time that Americans have basic, clear and timely information on the costs and choices contained in their 401(k) plans,” said U.S. Rep. George Miller (D-CA), the chair of the House Education and Labor Committee.… Continue Reading
Chairs Miller and Andrews Statement on Department of Labor Retirement Security Proposal
02.26.10 WASHINGTON, D.C. - U.S. Reps. George Miller (D-CA), chairman of the House Education and Labor Committee, and Rob Andrews (D-NJ), chairman of the pensions subcommittee, today issued a statement on a Department of Labor proposal to protect workers’ retirement from investment advisors who have a direct financial interest in the products they recommend. Vice President Joe Biden announced the proposal today as part of the Middle Class Task Force’s annual report. “Today’s announcement is welcome new… Continue Reading
Dept. of Labor Promoting Economic Recovery, Stronger Worker Protections, Sec. Solis tells Congress
02.03.10 WASHINGTON, D.C. - Secretary of Labor Hilda Solis told the House Education and Labor Committee today that the U.S. Department of Labor is both helping the economy recover and improving American workers’ lives by strengthening basic workplace protections, and training workers for new and better jobs.“In an especially difficult economy, a responsive Department of Labor is essential to assisting and standing up for workers,” said U.S. Rep. George Miller (D-CA), chairman of the House Education and L… Continue Reading
Executives Received Hundreds of Millions of Dollars Before Dropping Workers’ Pensions, GAO Finds
11.19.09 WASHINGTON, D.C. - Forty executives at ten high-profile corporations that terminated their workers’ pensions collected at least $350 million in compensation in the years leading to pension termination, the Government Accountability Office reported today. The investigation was requested by U.S. Rep. George Miller (D-CA), chairman of the House Education and Labor Committee.The companies surveyed by the GAO - which the Congressional watchdog agency did not identify - included major airlines, electr… Continue Reading
House Committee Approves Bill to Require Disclosure of Hidden 401(k) Fees
06.24.09 WASHINGTON, D.C. - American workers would receive clear and complete information about fees that could be cutting deeply into their 401(k)-style retirement savings under legislation approved today by the House Education and Labor Committee.By a vote of 29 to 17, the committee approved the 401(k) Fair Disclosure and Pension Security Act (H.R. 2989), which would help workers shop around for the best retirement investment options by providing information on how much in fees is taken from their reti… Continue Reading
House Retirement Subcommittee Approves Bill to Prevent Conflicted Investment Advice
06.17.09 WASHINGTON, D.C. -- The Subcommittee on Health, Employment, Pensions and Labor of the House Education and Labor Committee today approved legislation by a 13 to 8 vote to protect workers from conflicts of interest when receiving retirement investment advice at work. “The American retirement system has already suffered $2 trillion in losses due to last year’s economic collapse. Now more than ever, Americans cannot afford to subject their hard-earned retirement savings to the increased threats pos… Continue Reading
House Retirement Subcommittee Approves Bill to Expose Hidden 401(k) Fees
06.17.09 WASHINGTON, D.C. - The House Subcommittee on Health, Employment, Pensions and Labor today approved landmark legislation by a 13 to 8 vote that would expose hidden 401(k) that may be eating into Americans’ retirement security. The bill will be considered by the full Education and Labor Committee.The 401(k) Fair Disclosure for Retirement Security Act (H.R. 1984) will help workers shop around for the best retirement options by requiring simple fee disclosure on the investment options contained in t… Continue Reading
House Labor Committee Opens Investigation into Alleged Improprieties by Bush Pension Agency Head
05.14.09 WASHINGTON, DC -- U.S. Rep. George Miller (D-CA), chairman of the House Education and Labor Committee, today announced that the committee is opening an investigation of potential improprieties by the former director of the federal Pension Benefit Guaranty Corporation, Charles E. F. Millard, based on a draft report of the PBGC’s Inspector General.“The House Education and Labor Committee is looking into very serious questions raised by the PBGC Inspector General that the former head of the PBGC ha… Continue Reading
Chairmen Miller, Andrews Introduce 401(k) Fee Disclosure Bill
04.21.09 WASHINGTON, DC - Leading House Democrats on 401(k) issues introduced legislation today that will provide American workers with clear and complete information about Wall Street fees taken from their 401(k)-style accounts. The Health, Employment, Labor, and Pensions Subcommittee of the House Education and Labor Committee will hold a hearing on the legislation Wednesday. The 401(k) Fair Disclosure for Retirement Security Act of 2009 (H.R. 1984) will help workers shop around for the best retirement … Continue Reading
Nation’s Retirement Security in Peril, Witnesses tell House Panel
02.24.09 WASHINGTON, D.C. - The economic collapse has uncovered problems in our nation’s retirement systems that must be addressed to ensure that Americans can enjoy a safe and secure retirement, witnesses told the House Education and Labor Committee today.“The current economic crisis has exposed deep flaws in our nation’s retirement system,” said U.S. Rep. George Miller (D-CA), chairman of the committee. “For too many Americans, 401(k) plans have become little more than a high stakes crap shoot. If you … Continue Reading
Chairmen Miller, Andrews Statement on Last-Minute Special Interest Regulation
01.16.09 WASHINGTON, DC -- U.S. Rep. George Miller (D-CA), the chairman of the House Education and Labor Committee, and Rep. Rob Andrews (D-NJ), issued the following statement on final regulations issued by the U.S. Department of Labor today that may undermine retirement savings plans of millions of Americans. It will allow financial services firms to offer potentially conflicted investment advice on workers’ retirement accounts."We are disappointed that the Bush administration moved forward to enact a … Continue Reading
Chairmen Miller, Andrews Praise Enactment of Bill to End Unfair Retirement Tax on Seniors
12.23.08 WASHINGTON, DC -- President Bush signed bipartisan legislation today to temporarily suspend a tax penalty for seniors who do not take a minimum withdrawal from their depleted retirement accounts in 2009, such as 401(k)s.The Worker, Retiree and Employer Recovery Act (H.R. 7327), introduced by U.S. Reps. George Miller (D-CA), Charles B. Rangel (D-NY), Howard P. “Buck” McKeon (R-CA), and Jim McCrery (R-LA), suspends an Internal Revenue Service requirement for one year that account holders of 401(k)… Continue Reading