Insured Retirement Institute Capitol Hill Panel During National Retirement Planning Week Highlights Calls For Increased Access To Retirement Savings Plans

Congressman Donald Norcross (D-NJ) Cites Need To Make Saving For Retirement Easier

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Apr 13, 2018, 11:31 ET

WASHINGTON, April 13, 2018 /PRNewswire-USNewswire/ -- As part of National Retirement Planning Week, the Insured Retirement Institute hosted a panel on Capitol Hill which focused on the challenges Americans face in saving for their retirement and policy solutions which could be employed to make it easier to save and have access to lifetime income products in their retirement plans.

Commenting specifically on the proposed Retirement Enhancement and Savings Act (RESA)(H.R. 5282/S.2526), a proposal to increase access to retirement savings plans that has bipartisan support, Representative Donald Norcross (D-NJ), Member, House Education and the Workforce Committee, said that he sees a good chance for passage.

IRI has championed the enactment of RESA and has submitted letters strongly supporting the measure to the sponsors in the Senate and the House following its introduction last month.

"We're now having serious conversations about improving our retirement system so it's safe and secure," Norcross said. "We want to make it easier for both the employer and the employee to save."

In addition to the keynote address, the panel included retirement industry thought leaders:

Joshua Freely, Director Public Policy, TIAA
Catherine Reilly, CFA, Global Head of Research - Defined Contribution, State Street Global Advisors
Brian Sward, Senior Vice President of Product and Investment Management at Jackson National Life Distributors
Paul Richman, Vice President Government Affairs, Insured Retirement Institute (moderator)

Earlier this week, the Insured Retirement Institute released a study that found that 42 percent of Baby Boomers do not have retirement savings.

"We believe this panel moved the ball down the field by drawing attention to the need for people to save for retirement and to have access to plans that facilitate and incentivize savings," said Cathy Weatherford, President and CEO of the Insured Retirement Institute.

About National Retirement Planning Week®: National Retirement Planning Week® 2018, a national effort to help consumers focus on their financial needs in retirement, will run from April 9-13. The National Retirement Planning Coalition (NRPC), a group of prominent education, consumer advocacy and financial services organizations led by the Insured Retirement Institute (IRI), will support the movement with a number of coalition activities throughout the week. For more information about National Retirement Planning Week, visit https://www.retireonyourterms.org/NRPW.

SOURCE Insured Retirement Institute