Political Quotes

“Mr. President, let me again thank my colleague Senator Portman. He has explained what is included in the Retirement Security and Savings Act that we filed this week. It builds on what has worked, and it takes on new opportunities to increase savings and retirement security. He mentioned the automatic enrollment, which is the safe harbor here, because Americans make decisions by inaction. Now, with automatic enrollment, they will be in retirement plans and will have the opportunity to opt out. It increases the saver's credit's eligibility, but, importantly, it makes it refundable, and it deposits it directly into a savings account so that low-wage workers will, indeed, have savings opportunities. It increases the tax credits for small business so that the burden of setting up a plan for your employees will be matched with this credit so that more workers will have opportunities for savings retirement. It expands part-time workers--a group that, today, is underrepresented in retirement savings. It deals with the student debt issue. I really thank Senator Portman and also Senator Wyden for their help in recognizing that a lot of young workers would love to put money into retirement, but they have to pay off their student loan debt. So that, at least, can be used as a match by an employer for a savings account. It also deals with lifetime income. How many people have we run into, as Senator Portman has pointed out, who have outlived their retirements?…”