Larson on President Obama's Workplace Retirement Proposals

Hartford, CT – Today, Rep. John B. Larson (CT-01) released the following statement on President Barack Obama’s proposals to expand access to workplace retirement accounts and empower working Americans to keep track of their savings:

“Millions of Americans work incredibly hard throughout their lives, but too many still retire into poverty. We saw firsthand in 2008 as countless Americans lost everything they had set aside, and we cannot allow that to happen again. I applaud President Obama’s efforts to strengthen retirement programs for working Americans, building on his administration’s launch of the myRA program last year. These simple, fee-free savings plans make retirement security possible for millions of workers.

“Today’s proposals will do even more to help Americans plan for the future. Encouraging small businesses to join together to create pooled 401(k)s will allow more workers access to critical saving tools while keeping costs down for employers. Right now, a third of workers do not have access to a retirement savings plan—especially those at small businesses. I was also pleased to see the administration’s budget includes a provision my friend and colleague Rep. Richard Neal has introduced for many years, automatically enrolling workers without access to a workplace retirement plan in an IRA. Through commonsense provisions like these, we can help countless Americans plan and save for their future.

“Even as we strengthen workplace retirement programs, we cannot forget that Social Security remains the bedrock of the American retirement system. When it comes to preventing Americans from retiring into poverty, we must strengthen Social Security. I have a plan to enhance benefits, cut taxes, and raise the minimum benefit to 25% above the poverty line rather than below it. The recession of 2008 proved without a doubt that safe-guarding Americans’ retirement security is both our responsibility and the right thing to do.”

Last year, Rep. Larson introduced the Social Security 2100 Actto ensure Social Security remains solvent through the end of the century, increases benefits to all beneficiaries, and protects lower-income workers from retiring into poverty.

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