Senate HELP Committee hearing focuses on bridging retirement gaps
Sen. Patty Murray, D-Wash., and chair of the Senate Health, Education, Labor, and Pensions Committee.
Lawmakers and retirement experts discussed ways to get more people saving for retirement, especially women and people of color, and boosting the percentage of Americans who can retire comfortably during a Health, Education, Labor and Pensions Committee hearing Thursday.
Lori Lucas, president and CEO of the Employee Benefit Research Institute, told committee members that though nearly 90% of workers at companies with 500 or more employees have access to a retirement plan, only 53% of workers at companies with fewer than 100 employees have such access. Moreover, EBRI data shows that having access to an employer-sponsored defined contribution plan increases the chance that workers will have enough money to sustain themselves in retirement by 50%, according to Ms. Lucas' written testimony.