AARP Opposes Congressional Vote To Block State-Based Private Sector Retirement Savings

By a News Reporter-Staff News Editor at Investment Weekly News -- Congress should not curtail state efforts to promote retirement savings.

Americans need easy savings options. No one wants older Americans solely dependent on Social Security. Employer plans are not growing and states are trying to meet the needs of their citizens using private investment firms. Lack of access to workplace savings plans is especially acute for people of color-- only 54 percent of African American and Asian employees and 38 percent of Latino employees work for an employer that sponsors a retirement plan, compared to 62 percent of White employees. Those who do not save enough for retirement risk becoming dependent on social safety net programs, costing taxpayers down the line. In fact, states taking action today could save taxpayers as much as $4.8 billion in the next ten years. Congress should support these important state savings programs, not take steps to end them.

AARP urges Congress to support private retirement savings and vote no on a Congressional Review Act resolution to overturn the Department of Labor's rule on Savings Arrangements Established by States for Non-Governmental Employees. If you have further questions, please feel free to contact me or have your staff contact Michele Varnhagen on our Government Affairs staff.

Keywords for this news article include: AARP Illinois, Finance and Investment, Investment and Finance.

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