SIFMA Managing Director for Public Policy and Advocacy Lisa J. Bleier testified before the Maryland State Economic Matter Committee (Committee) on House Bill 1318, An Act Concerning Maryland Secure Choice Retirement Savings Program and Maryland Secure Choice Retirement Savings Trust.

SIFMA agrees with the Committee that there is a savings challenge in this country, and individuals need to save more, along with more education, and more partnering between employers, providers and employees.
However, SIFMA believes this proposal is a step in the wrong direction because it would burden the State with additional costs and liability to operate the program and competes with the private market which today provides a wide variety of individual retirement account options for employees who are ready to contribute a percentage of their annual compensation towards retirement.