We must also ask the difficult questions about the state of our nation's retirement system as a whole.

I expect we will hear at some length about 'fee disclosure' in 401(k) plans, and the need for improvement.

it would be a real mistake to dismantle it, or nationalize it, as has been suggested in this Committee in the past.

I would caution, however, that we not suggest that investment fees are to blame for the dramatic declines in retirement savings.

I hope this marks the beginning of an open and frank discussion on where we are today.

I am very jealous. I know how hard people in my district work to create a little bit of savings.

the only source of all of that revenue is my retirement.

Thank you for testifying at the Tuesday, February 24, 2009, Committee on Education and Labor hearing on 'Strengthening Worker Retirement Security.'

We need to shore up our retirement income system.

I think the opportunity to look at some sort of defined benefit that the government can guarantee, a modest amount, say $1,000, per worker per year.

Any additional request is going to have to be accompanied by a very, very strong justification and, in fact, a detailed plan as to what would the purpose of that escalation of those troops be.