14 May BPC Action Applauds Introduction of Retirement Security Bill in Retirement and Social Security

BPC Action applauds Sens. Ben Cardin (D-MD) and Rob Portman (R-OH) for introducing bipartisan legislation focused on improving retirement security for Americans across the country. The Retirement Security and Savings Act, which includes several recommendations from the Bipartisan Policy Center’s Commission on Retirement Security and Personal Savings, would make financial security in retirement more achievable for millions of Americans.

Over 40 percent of working Americans expect to not have enough money in retirement, and more than a third of private-sector workers lack access to a workplace retirement plan. This legislation would help address these shortfalls and improve retirement security by:
• Increasing access to and savings in 401(k)s and other retirement plans;
• Improving coverage for small employers and part-time workers;
• Reducing barriers to lifetime income retirement options; and
• Allowing more seniors to keep their savings in an IRA or qualified plan until they need them.

BPC Action commends these senators for the introduction of this important bill that would help to ensure financial stability for generations of Americans.