Press Releases
Currently showing results related to Retirement and Pensions
Scott, Sanders Applaud Biden Labor Department Proposal to Close Loopholes and Level the Playing Field for Retirement Savers
01.03.24 WASHINGTON - Yesterday, Education and the Workforce Committee Ranking Member Robert C. “Bobby” Scott (VA-03) and Chairman of the Senate Health, Education, Labor, and Pensions (HELP) Committee Senator Bernie Sanders (I-Vt.) applauded the Department of Labor’s (DOL) proposal to protect workers’ retirement savings. The proposal, which holds trusted advisers to a fiduciary standard under the Employee Retirement Income Security Act of 1974 (ERISA) when making investment recommendations to their reti… Continue Reading
SECURE 2.0 Act Technical Corrections Discussion Draft Released
12.06.23 A discussion draft containing technical corrections and other clarifications for the SECURE 2.0 Act of 2022 has been released by House Committee on Education and the Workforce Chairwoman Virginia Foxx (R-NC) and Ranking Member Robert C. “Bobby” Scott (D-VA), along with House Committee on Ways and Means Chair Jason Smith (R-MO) and Ranking Member Richard E. Neal (D-MA). Senate Finance Committee Chair Ron Wyden (D-OR) and Ranking Member Mike Crapo (R-ID), along with Senate Committee on Health, Edu… Continue Reading
Government Watchdog Report Finds Employee Benefits Security Administration Grappling with Limited Resources
11.16.23 WASHINGTON - Today, Ranking Member Robert C. “Bobby” Scott (VA-03) announced the release of a new report from the Government Accountability Office (GAO), which assessed the management of priorities in the face of years of underfunding that has hindered the Department of Labor (DOL) Employee Benefits Security Administration’s ability to protect the health and retirement benefits of workers and retirees. “Today’s report underscores the consequences of a decade of underfunding that has left the Em… Continue Reading
As MAGA House Republicans Push for Government Shutdown, Committee GOP Advances Partisan Messaging Bills
09.14.23 WASHINGTON - Today, Committee Republicans advanced a set of bills—including H.J. Res 88, H.R. 5339, H.R. 5337, and H.R. 5340—that would eliminate the most affordable student loan repayment plan ever offered to borrowers and allow extreme MAGA Republicans, instead of financial experts, to make important investment decisions on behalf of retirement savers. “By this point in the last Congress, Congressional Democrats had already passed the American Rescue Plan Act—which delivered the largest, one-… Continue Reading
Ranking Member Scott Opening Statement at Markup of Bills to Strip Support for Student Loan Borrowers, Inject Partisan Politics in Investment Decisions for Retirement Savers
09.14.23 WASHINGTON - Ranking Member Robert C. “Bobby” Scott (VA-03) delivered the following opening statement at today’s full committee markup of H.R. 4259, H.R. 5349, H.R. 5110, H.J. Res. 88, H.R. 4957, H.R. 5339, H.R. 5337, H.R. 5338, and H.R. 5340. “Thank you, Madam Chair. “Today, the Committee is marking up nine bills. Regrettably, some are benign or noncontroversial, but some are also divisive and partisan and will undermine the economic security of workers, students, and families. Moreover, thes… Continue Reading
NEW: Government Watchdog Report Highlights Importance of Monitoring and Improving Americans’ 403(b) Retirement Plans
07.24.23 WASHINGTON - Today, Ranking Member Robert C. “Bobby” Scott (VA-03) released a new report from the Government Accountability Office (GAO), which underscores the importance of monitoring 403(b) retirement plans in which millions of teachers and non-profit employees invest. The report also highlights several innovative ideas and state-based efforts to improve 403(b) plans. The new GAO report comes as House Republicans advance a budget that proposes a $38 million funding cut for the Employee Benef… Continue Reading
Retirement Benefits of More Than 350,000 Central States Workers and Retirees Saved by the American Rescue Plan Pension Relief
12.08.22 WASHINGTON - Today, the Pension Benefit Guaranty Corporation (PBGC) announced that 357,056 participants of the Central States Pension Fund will have their retirement benefits saved and 1,005 businesses contributing to the plan will be protected. The pension relief was made possible through the American Rescue Plan, which included a solution to the multiemployer pension crisis. To watch the video, click here.Special Thanks: Ken Stribling, Davey Grubbs, Bernie Anderson, Dana Vargo, Don Vargo, F… Continue Reading
NEW: Pension Recipient Shares Impact of Relief Secured in American Rescue Plan
11.07.22 WASHINGTON - Today, the Education and Labor Committee released a new video of Dana Vargo, the spouse of a retired Teamster and a leading advocate in the fight to protect pension plans. In the video, Vargo discusses how the relief that Congressional Democrats and the Biden-Harris administration secured in the American Rescue Plan has allowed her and her husband to spend more time with their grandchildren. To date, the American Rescue Plan has saved the pensions of 156,759 Americans and protected … Continue Reading
Retired Truck Driver Celebrates Relief Secured in American Rescue Plan
11.02.22 WASHINGTON - Today, the Education and Labor Committee released a new video of retired truck driver Jack Palush discussing the impact of the relief that Congressional Democrats and the Biden-Harris administration secured in the American Rescue Plan. To date, the American Rescue Plan has saved the pensions of 156,759 Americans and protected 785 businesses from being at-risk of closing their doors. To view the video, click here. The multiemployer pension crisis threatened to strip more than a … Continue Reading
ICYMI: To Date, Congressional Democrats Saved Pensions of More Than 156,000 Americans, Protected Nearly 800 Businesses
10.26.22 WASHINGTON - To date, the American Rescue Plan has saved the pensions of 156,759 Americans and protected 785 businesses from being at-risk of closing their doors. To view the Committee’s pension tracker, click here. The multiemployer pension crisis threatened to strip more than a million retirees of the pensions they earned over a lifetime of work, jeopardized tens of thousands of businesses and endangered tens of thousands of jobs. In response, the American Rescue Plan Act created a Special… Continue Reading
Chairman Scott Commends Biden-Harris Administration for Finalizing Multiemployer Pension Rescue Program
07.06.22 WASHINGTON - Chairman Robert C. “Bobby” Scott (VA-03) released the following statement after the Biden-Harris Administration finalized a rule on the Special Financial Assistance (SFA) Program created through the American Rescue Plan Act. The SFA Program averted the immediate crisis threatening the retirement security of America’s workers, retirees, and their families. To date, the Program has operated on an interim rule and has saved 127,493 pensions and protected an estimated 562 businesses, a… Continue Reading
Chairman Scott Opening Statement at Markup of Legislation to Strengthen and Modernize Our Nation’s Workforce, Achieve Retirement Security for Americans
04.05.22 WASHINGTON – House Education and Labor Committee Chairman Robert C. “Bobby” Scott (VA-03) delivered the following opening statement at today’s Committee Markup of the Workforce Innovation and Opportunity Act of 2022 (H.R. 7309) and Protecting America’s Retirement Security Act (H.R. 7310). “Today, the Committee is marking up two bills to support America’s workers, families, and businesses. “… Continue Reading
McBath, Democratic Colleagues Lead Legislation Protecting Retirement Security for Americans
04.04.22 Washington, DC — U.S. Representative Lucy McBath has introduced legislation in the House to help Americans save for retirement and safeguard their investments. The Protecting America’s Retirement Security Act (PARSA), H.R.7310, is co-sponsored by Education and Labor Committee Chairman Bobby Scott, Rep. Bonnie Watson Coleman, Rep. Joe Courtney, Rep. Lauren Underwood, Rep. Kathy Manning, and Rep. Teresa Leger Fernandez. This legislation will help Americans plan… Continue Reading
House Passes Bipartisan Legislation to Expand Access to Secure Retirement
03.29.22 WASHINGTON – Today, the House passed sweeping bipartisan legislation to help more workers save and prepare for retirement. The legislation—Securing a Strong Retirement Act of 2022 (H.R. 2954)—includes the Education and Labor Committee’s bipartisan Retirement Improvement and Savings Enhancement (RISE) Act (H.R. 5891) as well as other retirement-related provisions approved by the Ways and Means Committee. The RISE Act, which the Education and … Continue Reading
Committee Advances Bipartisan Legislation to Expand Workers’ Access to Secure Retirement
11.10.21 WASHINGTON - Today, the Education and Labor Committee voted to advance the Retirement Improvement and Savings Enhancement (RISE) Act (H.R. 5891), a bipartisan bill to help more workers save and prepare for retirement. The legislation-led by Chairman Robert C. "Bobby" Scott (VA-03), Ranking Member Virginia Foxx (NC-05), Health, Employment, Labor, and Pensions Subcommittee Chair Mark DeSaulnier (CA-11), and Subcommittee Ranking Member Rick Allen (GA-12)-advanced through the Committee unanimously… Continue Reading
Chairman Scott Applauds Biden Administration for Supporting Workers and Retirement Savers
10.13.21 WASHINGTON - Chairman Robert C. "Bobby" Scott (VA-03) released the following statement in response to a new proposal released by the Biden Administration that would reverse Trump-era rules that made it harder for retirement plans to consider climate change and other environmental, social and governance factors when selecting investments and exercising shareholder rights. Chairman Scott helped lead opposition to the Trump-era rules in July and October of last year. "I applaud the Biden Administ… Continue Reading
Scott, Murray: New GAO Report on 401(k) Fees is a Wake-Up Call
08.26.21 WASHINGTON - A new report released today by the Government Accountability Office (GAO) revealed that almost 40 percent of 401(k) plan participants do not fully understand the fees they are paying on their retirement accounts, with many unaware they are even paying fees. It also found that consumers have difficulty using the information that the Department of Labor (DOL) requires 401(k) plans to provide about their fees. According to the report, 45 percent of participants are not able to use th… Continue Reading
Scott, Murray Ask Government Watchdog to Review Funds Responsible for the Retirement Security of Millions
05.07.21 WASHINGTON - Yesterday, Chairman Robert C. "Bobby" Scott, House Education and Labor Committee, and Chair Patty Murray (D-WA), Chair of the Health, Education, Labor, and Pensions (HELP) Committee, sent a letter to the Government Accountability Office (GAO) requesting it conduct a review of target-date funds-funds billed as ensuring people's retirement security by balancing risk and providing an age-appropriate asset allocation for plan participants over time. There are more than $1.5 trillion inv… Continue Reading
Scott, Murray, Hassan Respond to New Labor Department Guidance on Retirement Cybersecurity
04.14.21 WASHINGTON - Today, Chairman Robert C. "Bobby" Scott (VA-03), House Committee on Education and Labor, Chair Patty Murray (D-WA), Senate Committee on Health, Education, Labor, and Pensions (HELP), and Senator Maggie Hassan (D-NH) released the following statement in response to new guidance issued by the Department of Labor for retirement plan sponsors, fiduciaries, record-keepers, and participants regarding cybersecurity. "The Biden administration is showing they understand there is too much at … Continue Reading
Chairman Scott Celebrates Protections for Retirees in American Rescue Plan
03.10.21 WASHINGTON - Chairman Robert C. "Bobby" Scott (VA-03) released the following statement after the House passed H.R. 1319, the American Rescue Plan Act, which includes important provisions that he helped craft to address the multiemployer pension crisis and protect workers' retirement benefits. "The American Rescue Plan is a historic victory for more than 1 million retirees who have been at risk of losing everything they had worked so hard to save. Because of this relief package, construction wor… Continue Reading