Political Quotes

“I rise to introduce two bipartisan bills that would help improve Americans' retirement security. Together, these bills would make it easier for more small employers to offer retirement plans and encourage employees to save more for their retirement. There are many reasons why American households struggle to save for retirement, including the shift away from employer-based ``defined benefit'' plans and rising health care and long-term care costs. Longer life spans increase the risk of outliving retirement savings. The economic and health impacts of the COVID-19 crisis may also pose a threat to retirement security. Increasing access to employer-sponsored retirement plans is one way to help improve the financial security of many Americans. According to the Georgetown University Center for Retirement Initiatives, nationwide only about 54 percent of private sector workers had access to a retirement plan through their employer in 2020. In Maine, the percentage is a bit higher; approximately 59 percent of private sector employees had access to a retirement plan at work. But that still leaves more than 200,000 employees without access to a plan. In December 2019, provisions from my bipartisan Retirement Security Act were signed into law as part of the Setting Every Community Up for Retirement Enhancement or ``SECURE'' Act.…”