Thomas Daschle: “today, Democrats are offering identical bills in the House and the Senate--the ``Retirement Accessibility, Security and…”

“today, Democrats are offering identical bills in the House and the Senate--the ``Retirement Accessibility, Security and Portability Act of 1998''--to make the prospect of retirement less frightening for millions of American workers. Right now, just under half of all American workers have pension plans, and the number is far worse for women and low- and moderate-income workers. Our plan would increase the number of Americans with pensions by making it easier and cheaper for small businesses to set up pension funds. It would create a new system to help workers who have no pension coverage to build their own retirement savings through direct contributions from their paychecks into an IRA. Our plan would make it easier for workers to take their pensions with them from one job to the next. This is incredibly important in an economy where the average worker will change careers an average of 7 times. Our plan would increase pension security to ensure retirees will actually have a pension when they leave the work force. And, it would help close the huge pension gap that now exists between men and women and that leaves far too many older women who are widowed or divorced living in near-poverty. Mr. President, I talk frequently to people all the time who are worried they won't be able to afford the ``luxury'' of retirement. I say, we can't afford the luxury of ignoring the coming retirement crisis. Retirement shouldn't mean an economic freefall. And it doesn't have to.”