HELP Subcommittee Addresses Retirement Security

In 2006, Congress passed HR 4, the Pension Protection Act, which I believe helped working people and retirees across the country.  As Chairman of the Health, Employment, Labor and Pensions Subcommittee, I believe that some changes are necessary to clarify this law and make it work better.  Last week, my subcommittee held a hearing to evaluate ways to strengthen pension protections for our nation’s retiring workers.  The purpose of this hearing is to identify ways we can further strengthen private sector pension plans so that more Americans are secure in their retirement. 

Click here to watch a video of my opening statement and other testimony at the hearing

Today, less than one in five workers in the private sector – 20 million workers – have a traditional defined benefit plan.  The pension landscape is now dominated by 401(k) plans, which are retirement accounts sponsored by the employer who, along with the employee, make tax-deferred contributions.  These plans, now covering over 50 million workers, have the potential to provide participants with adequate savings for retirement, but with median balance of only $28,000, there still remains a great sense of uncertainty as to whether these accounts will provide retirement security to many Americans.

Although the Pension Protection Act (HR 4) conference process was contentious last year, I want to move forward this year with input from both sides on how we can continue to strengthen pension protections and expand retirement security for all Americans.

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