Part of the American Dream is having the financial freedom to retire. Republicans and Democrats agree: every worker deserves to retire with dignity and financial security.
Most Americans build retirement savings through employer-sponsored defined contribution plans, like 401(k)s. These plans work for employees and employers.
Congress improved the defined contribution system through SECURE 2.0, which the HELP Committee unanimously supported last Congress. As a result, we are seeing record increased savings rates among Americans.
In addition, President Trump and Secretary Chavez-DeRemer are advancing pro-worker policies, expanding alternative assets, and promoting a more diversified and secure retirement. Working with a financial advisor, Americans now have access to new investment opportunities to grow retirement wealth.
But there is more to do. We should build upon our success to further ensure financial security upon retirement. This is a top priority of this Committee.
SECURE 2.0’s auto enroll provisions helped bring many workers into the retirement system. However, we know that sometimes workers are not able to begin saving immediately. This auto reenrollment provision encourages workers periodically to revisit their financial system so they can begin saving. This will build on what we know works in the system.
Second, empower young workers to save for their future. Workers that begin saving from a young age build strong habits and benefit from additional years of saving and compounding interest. With just a simple fix, Congress can help more Americans start saving when they enter the workforce by enabling companies to allow 18-year-olds to participate in retirement plans.
Third, Congress should help workers access consistent, secure retirement income by improving access to lifetime income products - which allow workers to own and tailor their accounts to what works best for them, rather than having a one-sized-fits-all system.
I’ve worked with Senator Kaine on multiple bills as regards to all of this, including the Helping Young Americans Save for Retirement Act and the Auto Reenroll Act of 2025. I thank him for his leadership and collaboration.
Earlier this year the Committee and the Senate unanimously passed Senator Hassan’s and my Employee Ownership Act and Senator Marshall and Senator Kaine’s Retire Through Ownership Act. I hope our House colleagues will act quickly to send them to President Trump.
These pro-worker, pro-family policies will support a more productive workforce and stronger economy.
I appreciate our witnesses being here, and I look forward to discussing these policies and more ideas to benefit hardworking Americans.
With that, I recognize Senator Sanders.
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