[Congressional Record Volume 169, Number 178 (Monday, October 30, 2023)]
[Extensions of Remarks]
[Pages E1028-E1029]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




  RETIREMENT SECURITY WORK ONGOING: AN UPDATE FOR NATIONAL RETIREMENT 
                             SECURITY MONTH

                                 ______
                                 

                            HON. TIM WALBERG

                              of michigan

                    in the house of representatives

                        Monday, October 30, 2023

  Mr. WALBERG. Mr. Speaker, I rise today to discuss a critical issue 
impacting millions of Americans who work hard every day so that, when 
the time comes, they can enjoy their golden years in retirement. 
October is National Retirement Security month, so it is a good time to 
both reflect on the retirement reforms we have recently enacted and 
look ahead to the remaining work to be done.
  America's retirement savings system and the retirement outlook for 
millions has dramatically improved because of Congress's bipartisan 
work over the last few years. Our private sector retirement savings 
system works well for many employees and employers, but additional 
improvements could help more Americans achieve a successful retirement 
for all.
  As a senior member of the House Education and the Workforce 
Committee. I was proud to play an active role in helping draft and 
advance the SECURE 2.0 Act of 2022 into law

[[Page E1029]]

last year. Building on the great work Congress achieved with the SECURE 
Act of 2019, SECURE 2.0 included almost 100 provisions that will help 
employers offer plans and assist employees in both beginning to save 
and saving more for retirement. I was especially pleased that my 
provision to reduce administrative costs for employers by increasing 
the cash-out limit for the first time in over two decades was included 
in the final law.
  One significant issue we still need to make more progress on is 
providing greater access to savings and income options that will help 
make sure retirees do not outlive their retirement savings. Americans 
collectively face a substantial retirement income gap. This means that 
the amount of money retirees have saved compared to what they need is 
$4 trillion short, with 40 percent of families likely to outlive their 
retirement savings, according to the Employee Benefit Research 
Institute.
  This gap is concerning, and why guaranteed, or lifetime income has 
long been a critical issue for me. A few years ago, as the Chairman of 
the House Committee on Education and the Workforce's Health, 
Employment, Labor, and Pensions (HELP) Subcommittee, I was proud to 
chair a hearing on a range of bipartisan retirement bills. One of the 
bills we discussed that day was the Increasing Access to a Secure 
Retirement Act, which I introduced with Representative Lisa Blunt 
Rochester to remove a regulatory barrier for employers looking to offer 
lifetime income solutions to their employees. That important provision 
became law in the SECURE Act, but our efforts to ensure everyone has 
access to the best lifetime income options remain ongoing.
  Earlier this year, I along with Representative Donald Norcross 
reintroduced the bipartisan Lifetime Income for Employees Act. This 
legislation would improve plan sponsors' and investors' default 
lifetime income options and take a crucial step to help American 
retirees have adequate income in retirement. Increasing the range of 
savings and income options will help provide workers with the 
possibility to achieve higher returns on their retirement investments 
and greater peace of mind that their income will last throughout 
retirement.
  Our bill, and other sensible steps to improve worker access to 
guaranteed lifetime income. must be a part of future bipartisan 
retirement saving packages. I am hopeful my colleagues will cosponsor 
the Lifetime Income for Employees Act and help us to enact it into law.
  In addition to expanding access to lifetime income Congress must do 
more to help all Americans achieve a financially secure retirement. 
More than 55 million Americans do not have access to an employer 
sponsored retirement plan, including 78 percent of workers at arms with 
fewer than 10 employees. Congress should continue to work to help them 
get access to savings plans as this is the first step to helping them 
achieve financial security in retirement.
  Let's not wait until next year's National Retirement Security Month 
to advance proposals that will strengthen our nation's private 
retirement system. Bipartisanship has been and will continue to be the 
key to advancing the next retirement security package. We can and 
should act now to help all our constituents get on a clearer path to a 
more secure retirement.

                          ____________________