House Bill Offers Common-sense Measures to Help Americans Save

House Bill Offers Common-sense Measures to Help Americans Save
Bill Increases Access to Retirement Plans & Lifetime Income

WASHINGTON, D.C. – The Insured Retirement Institute (IRI) released the following statement from IRI Senior Vice President and General Counsel Lee Covington after H.R. 5282, the Retirement Enhancement and Savings Act, was introduced in the House.

“IRI commends Representatives Mike Kelly (R-PA), Ron Kind (D-WI), Mike Bishop (R-MI), and the fourteen additional cosponsors of the bill for their leadership in introducing the Retirement Enhancement and Savings Act (RESA).  We are optimistic this comprehensive package of legislation to modernize private-sector retirement savings options will advance quickly in the House by being included in the FY2018 omnibus spending bill.  If adopted, RESA will go a long-way towards helping Americans address the challenges and obstacles they face in saving for retirement by offering common-sense measures, many of which are included in IRI’s 2018 Retirement Security Blueprint, which will help them as they plan and save for their retirement.

IRI strongly supports RESA because it will expand opportunities for workers to save through a workplace retirement plan. RESA will also facilitate savers ability to ensure their savings will not be outlived by increasing access to lifetime income products and making those products portable.  The bill also will help savers to make more-informed decisions about their finances by providing lifetime income estimates on benefit statements.

IRI has long-endorsed the individual measures included in RESA, as all these measures have previously garnered broad bipartisan support.  This is demonstrated by the twelve bills previously introduced in the House; as well as, the Senate Finance Committee’s unanimous adoption of this bill during the 114thCongress.  IRI calls on the House to expeditiously act on this bill."

 

IRI's letter of support for H.R. 5282 can be accessed here.

 
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Contact: John B Jennings