I am proud of the great work the PBGC has done in a short period of time to get these regulations written.

I encourage the Senate Finance Committee, and, ultimately, Congress, to implement into law the Automatic IRA Act and the Encouraging Americans to Save Act.

We thank the committee for holding this hearing and for a long history of dedicated bipartisan work on protecting and enhancing the private retirement system.

Senator Cardin came in, and he has been working in these savings precincts for decades.

A recent survey of the impact of the pandemic conducted by AARP found that, among those fortunate enough to have retirement accounts, nearly a quarter had to dip into their savings or quit contributing altogether just to pay the bills.

We are also especially supportive of your efforts to incentivize savings.

We commend Chairman Wyden and the many committee members who focused their attention on this issue.

I appreciate the gentlewoman's courtesy and I appreciate the work that has been done with the en bloc amendment, that is, adopted a proposal that I had to fully fund the $1.7 million in reoccurring annual appropriations to meet ongoing…

I think what we are all trying to do is at the entry level.

AARP thanks Chairman Wyden and Ranking Member Crapo for holding a hearing to consider needed improvements.

The Encouraging Americans to Save Act, which was introduced by you, Chairman Wyden, would be a significant boost to OregonSaves.

According to the National Institute on Retirement Security, as of 2018 more than 100 million working-age Americans had no pension and no retirement assets.

I also support expansion to part-time workers, because part-time workers are low-wage workers.

Now more recently, Americans were reminded about long-running retirement rip-offs by ultra-wealthy individuals advised by the priciest accountants and lawyers.

This is about good policy, helping people, and giving everybody in America the chance to get ahead.

I want economic policy that gives everybody in America the chance to get ahead, not one that promotes... retirement haves and have-nots.

Thank you for your ongoing leadership to achieve critical retirement policy reforms for Americans.

This approach leverages existing private sector solutions in the marketplace instead of causing a massive disruption by replacing the entire existing retirement plan system with a government run program.