Rich Neal: “I cannot agree more with the authors of this legislation that our common goal here today is to provide meaningful…”

“I cannot agree more with the authors of this legislation that our common goal here today is to provide meaningful retirement benefits for all working men and women of this country. Expanded pension coverage and an increased rate of participation in employment-based plans are more important now than ever, given our current savings rate and the imminent retirement of the baby boom generation. Our current system is built upon the assumption that the minimal level of income provided under Social Security would indeed in the end be supplemented by other sources of income such as an employer-based pension plan as well as personal savings. Thus, it is very important to make sure that the pension reform legislation today includes incentives for all Americans to increase retirement savings. There are many provisions in this bill that are desirable by increasing benefits and contribution limits for those currently saving the maximum in their current pension plans or for those currently saving in individual retirement accounts. I would remind both sides here today that, with the gentleman from California (Mr. Thomas), we were responsible for the Roth IRA here in the House of Representatives. But my primary concern with this legislation today is that it does not provide the same opportunity for all Americans to save who are not currently in a retirement system. It could be fixed through the amendment process.”