U.S. Chamber Releases Legislative Roadmap Aimed at Strengthening Our Nation’s Retirement System
To address the needs of our nation’s shifting workforce, reduce barriers small businesses face in developing retirement plans, and make it easier for all Americans to save for their futures, the U.S. Chamber of Commerce today released Securing America’s Retirement, a legislative roadmap that details policy solution proposals Congress can act on to achieve better retirement security for workers.
“Our nation’s demographics continue to change and we need to make sure our retirement savings policies adequately address the needs of our evolving workforce,” said Randy Johnson, U.S. Chamber senior vice president for Labor, Immigration, and Employee Benefits. “This roadmap is the product of thoughtful collaboration between business leaders and industry experts and suggests private sector-driven solutions that focus on strengthening the voluntary employment-based retirement benefits system and enhancing retirement security for workers.”
The roadmap was released at The Shifting Paradigm of Retirement: What it Means for Employers Workers and Retirees, an event that explored what saving for retirement looks like in today’s landscape and focused on how to make retirement saving more accessible. The legislative proposals included in the roadmap address previously introduced legislation the Chamber has endorsed; legislative ideas Congress can act on immediately to enhance the private employer-provided retirement system; and key issues that should be debated as Congress looks at ways to strengthen our retirement structure.
“With this roadmap, we look forward to working with the new Congress to develop legislative solutions that improve our retirement system for savers,” said David Hirschmann, president and CEO of the U.S. Chamber’s Center for Capital Markets Competitiveness. “We must increase opportunities to save for retirement, and one necessary first step in achieving this goal is simplifying the system for small businesses. We also plan to work with Congress on initiatives that ensure investors have access to the advice and guidance they need in order to make smart decisions when saving for their future.”
You can find a copy of Securing America’s Retirement here.
The Chamber is committed to working with policymakers to drive meaningful change that will benefit employers as well as employees who are saving for their futures. In addition to the roadmap, the Chamber recently released State Auto-IRAs: The Wrong Answer, a white paper outlining the ways state auto-IRAs will hurt small business workers, as well as 401(k) Plans: Opportunities and Challenges for Small Businesses, a report which looks at what it takes to start a 401(k) as a small business and why we need to simplify small business retirement plans.
The U.S. Chamber of Commerce is the world’s largest business federation representing the interests of more than 3 million businesses of all sizes, sectors, and regions, as well as state and local chambers and industry associations.