Sens. Collins and Nelson Reintroduce the Retirement Security Act;
Companion Legislation Introduced in House by Reps. Buchanan and Kind
WASHINGTON, D.C. – The Insured Retirement Institute (IRI) released a statement from IRI President and CEO Cathy Weatherford after the Retirement Security Act was introduced today by Senate Special Committee on Aging Chairwoman Susan Collins (R-Maine) and Sen. Bill Nelson (D-Fla.) to allow more small businesses to join multiple employer plans (MEPs).
Companion legislation also was introduced in the House by Rep. Vern Buchanan (R-Fla.) and Rep. Ron Kind (D-Wis.). Sens. Collins and Nelson introduced identical legislation last year, but this is the first time it has been introduced in the House. Statement by IRI President and CEO Cathy Weatherford: “Allowing more startups and small businesses to join multiple employer plans will greatly increase the number of workers with access to a workplace plan.
Making retirement plans more broadly available to American workers will go a long way toward helping Americans prepare and save for their future financial security. The legislation also includes measures to encourage and expand auto-enrollment, which will facilitate greater retirement savings as well.
A common-sense approach
Taken as a whole, the provisions included in this bill are the common sense modifications our retirement system needs to help workers attain financial security in retirement, and they are among the policies IRI is working toward, as outlined in our retirement security agenda. We would encourage policymakers to take the next step, in addition to expanding access to these plans, we recommend they ensure MEPs make lifetime income options available to workers so they can convert their savings into retirement income that cannot be outlived.
Given longer lifespans, this added measure would only amplify this legislation’s effectiveness in helping American workers attain financial security in retirement. We thank Chairwoman Collins and Senator Nelson, as well as Congressmen Buchanan and Kind for their leadership on these issues, and we look forward to working with them to ensure that all Americans can achieve a secure and dignified retirement.”
Click here to view a letter of support from IRI.
- "The combination of the ashift from defined benefit plans to defined contribution plans, longer life spans, increased medical costs and an inadequate savings rate has left many American ill-prepared for retirement. Encouraging start-ups and small businesses to offer retirement plans for their workers will siginifcantly improve financial security for many Americans who do not have access to retirement plans at work today."
Click here to view IRI’s 2015 legislative and federal regulatory agenda.
About the Insured Retirement Institute:
The Insured Retirement Institute (IRI) is the leading association for the retirement income industry. IRI proudly leads a national consumer coalition of more than 20 organizations, and is the only association that represents the entire supply chain of insured retirement strategies. IRI members are the major insurers, asset managers, broker-dealers/distributors, and 150,000 financial professionals. As a not-for-profit organization, IRI provides an objective forum for communication and education, and advocates for the sustainable retirement solutions Americans need to help achieve a secure and dignified retirement. Learn more at www.irionline.org.