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SIFMA Submission To The Senate Finance Committee On Challenges In The Retirement System

Date 14/05/2019

SIFMA today submitted a statement for the record to the Senate Finance Committee in conjunction with a hearing on challenges in the retirement system.

“The American retirement system, including various tax incentives to promote savings, has helped millions of Americans prepare for a secure retirement. SIFMA believes Congress can take steps toward enhancing the private retirement system even further,” SIFMA wrote in the statement. “This includes passing bipartisan legislation, such as the Retirement Enhancement and Savings Act (RESA), the Setting Every Community Up for Retirement Enhancement (SECURE) Act, as well as other commonsense provisions that encourage small businesses to offer retirement savings plans while empowering individuals to take control of their financial security.”

“Additionally, SIFMA shares the Committee’s concern that American workers are not sufficiently prepared for retirement and strongly believes individuals need to make more educated choices with respect to their savings,” the statement continued. “This goal requires a steady focus on education and disclosure and greater partnership between employers, providers and employees.”

The submission details additional retirement provisions SIFMA supports, while also explaining the importance of addressing retirement saving at a federal level, as opposed to the individual states creating 50 different plans. The full submission for the record can be found here: