Major Organizations Voice Support for Rep. Kelly Bill to Make Retirement Saving Easier
More than a dozen organizations from across America have endorsed new bipartisan legislation introduced by
Statement by
"I am very grateful that so many prominent organizations are strongly supporting this bipartisan bill to make retirement saving easier and more accessible. Far too many Americans face challenges in saving for their future because they don't have access to a private sector workplace retirement plan. To ensure full financial security during their golden years, Americans should have multiple sources of retirement income--including
Here's a sample of what national organizations are saying about RESA:
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"The need for this legislation is clear. Every day 10,000 Americans will reach age 65, and half will live to age 85 or older. Without help, many people throughout the country and across the economic and political spectrum will be unprepared for retirements that could last 20, 30 years or more. Through the Retirement Enhancement and Savings Act, more American workers will have access to an employer-sponsored retirement plan to help them save for their retirement. Enacting RESA will help to increase savings and provide important retirement planning information to workers."
"The Retirement Enhancement and Savings Act (RESA) includes several provisions that when taken together will make it easier for small businesses to adopt and maintain a workplace retirement savings plan. ... All these provisions are sorely needed because small business owners face real challenges when deciding to provide retirement benefits for their workers and these new policies will help business owners make that critical decision with more certainty, clarity, and confidence."
"This bill represents a grab bag of overdue changes to today's retirement savings system. The reforms would improve retirement security prospects for millions of Americans. Bipartisan efforts like this show a real desire to improve America's savings and retirement system, which currently leaves far too many people at risk of running out of money during what are supposed to be their golden years."
"We have moved into a new economy, and there are projections that this movement will continue and accelerate. Our private retirement system needs to be updated to address this new economy to make sure that workers have viable options to save for a secure retirement. ... In addition to having passed the
"Americans today face many challenges in saving for retirement because they do not have the opportunities or access to do so through a private-sector workplace retirement plan. The enactment of RESA would go a long-way in helping Americans to overcome the obstacles they now face in saving for their retirement. RESA's common-sense measures will help Americans by expanding opportunities to save for retirement; increase access to lifetime income products; help savers make more-informed decisions about their finances for retirement and enhance features of workplace retirement plans."
"RESA includes many retirement provisions that enjoy bipartisan and bicameral support. The bill encourages small employer retirement plan coverage, increases retirement savings, enhances worker participation and education, and facilitates retirement income security. ... Taking steps to improve the current employer-based retirement system is more important now than ever before. Every day, between now and the year 2030, 10,000 people will reach age 65. RESA is a proactive approach that will enhance the current system."
RESA is also supported by the following organizations:
NTCA -
NOTE: A section-by-section summary of RESA can be viewed here (https://kelly.house.gov/sites/kelly.house.gov/files/documents/Section%20by%20Section%20Summary%20%28RESA%29_1.pdf).
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