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February 7, 2014

It’s been a big two weeks for retirement security and for the Pension Rights Center! Read our latest blog entry for our thoughts on the week.

President announces the myRA to help Americans save for retirement

In response to the president’s introduction of the myRA, the Center was quoted in a number of publications saying that the plan is a modest but important step. Karen Friedman was quoted in the Washington Post, calling the plan “a common-sense approach to making voluntary savings easy and safe.” While myRAs will not solve the problem, the Center praised the President Obama for acknowledging the need to develop solutions to the nation’s retirement income crisis.
More: Pension Rights Center
statement on the myRA | White House fact sheet: Opportunity for All: Securing a Dignified Retirement for All Americans | Op-ed by Treasury Secretary Jack Lew: myRA: A Start to a Secure Retirement
The Center applauds Senator Harkin’s USA Retirement Funds Proposal

Just two days after the president announced the myRA, the Center was called on to comment on the Universal, Secure and Adpatable (USA) Retirement Funds Act of 2014 introduced by Senator Tom Harkin, Chairman of the Senate Committee on Health, Education, Labor and Pensions.  The USA Retirement Funds Act would create  a new comprehensive system of retirement plans  to help the half of America’s workforce that doesn’t have access to a workplace plan save for retirement. The proposal includes many of the best features of traditional pension plans – pooled and professional investment and benefits that are paid monthly in a stream that cannot be outlived. The legislation includes a unique feature that would share risk among workers and retirees – in contrast to the 401(k) system.  
More: Pension Rights Center statement on USA Retirement Funds | Senator Harkin’s press release | Audio recording of Senator Harkin's press conference announcing USA Retirement Funds

New legislation aims to help employers offer retirement plans

Also last week, Senators Bill Nelson and Susan Collins, chairman and ranking member of the Senate Special Committee on Aging, introduced the Retirement Security Act of 2014, which would allow employees of small business to save more in 401(k) plans and would relax some of the rules for multiple-employer 401(k) plans, making it easier for small businesses to take advantage of cost efficiencies that come with larger sizes. The Center is encouraged that Senators Nelson and Collins are joining the efforts to address the retirement income crisis.
More: Senator Collins’ press release

PRC in the News

The Pension Rights Center was asked to weigh in on both the myRA and USA Retirement Funds in the Washington Post, Fortune, and on Marketplace radio, just to name a few. Here are just a few of the articles that quote or mention us. Check out the PRC in the News section of our website for more.

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  Pension Rights Center
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