The House Ways and Means Committee’s approval of retirement savings legislation today is a key step for an important debate in Congress on how to improve retirement security for all Americans.
The legislation includes provisions that would make it easier for small businesses to offer retirement plans and for any plan sponsor to offer lifetime-income options within retirement plans. These policies are similar to those recommended by BPC’s Commission on Retirement Security and Personal Savings. Currently, 50 percent of small businesses do not offer retirement plans to their workers.
Ultimate success of this legislation will require bipartisan compromise and support, and there are important differences with the Senate Finance Committee’s bipartisan Retirement Enhancement and Savings Act of 2018 that will need to be resolved.
“BPC stands ready to work with Congress to enact retirement legislation that can garner broad support,” Shai Akabas, BPC director of economic policy, said. “Congress can’t afford to miss this opportunity to meaningfully improve financial security for millions of Americans.”