We were facing a retirement crisis before Covid-19, Sen. Patty Murray, D-Wash., said. But, as with so many other things, this pandemic has just poured gasoline on the fire. If we are going to rebuild our country stronger and fairer, we have to address the reality that for far too long, the ways we help families plan for the future have been stuck in the past, she said.
There are complex reasons why Americans have had so much trouble putting money away for the future.
Many workers do not have access to retirement plans through their employers. Even those who do may find it tough to set aside money they could put to other more immediate needs.
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.
Senators, Industry Reps Discuss Coverage Gap Solutions
Speakers at a Senate HELP Committee hearing highlighted how the defined contribution plan coverage gap is the most severe for workers in the small business community, as well as for workers of color and women.
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The Senate Health, Education, Labor and Pensions (HELP) Committee hosted a hearing Thursday morning on the topic of improving the financial stability and retirement security of U.S. workers.
The hearing included detailed testimony from experts in employee benefits, personal finance and retirement policy. The speakers included Lori Lucas, president and CEO of the Employee Benefit Research Institute (EBRI); Shai Akabas, director of economic policy at the Bipartisan Policy Center; Deva Kyle, of counsel at the law firm Bredhoff & Kaiser; and Dave Gray, head of workplace retirement products for Fidelity Investments.
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Almaguin Community Economic Development (ACED) is moving forward with its Staycation Almaguin initiative even though not all municipalities in the Highlands are financially backing the proposal.
ACED’s director of economic development, Dave Gray, says the proposal has direct support or support in principle from 10 municipal councils and organizations, while Powassan, Sundridge and Kearney gave a thumbs down to the program.
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Support for Staycation to date has come from Burk’s Falls, Strong, Armour, Ryerson, the Almaguin Highlands Chamber of Commerce, the Almaguin Recreation Committee, the Women’s Own Resource Centre, ACED, Perry and South River.
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