Retirement Savings Legislation

The retirement system in the United States is helping millions of Americans save for a secure retirement and maintain their standards of living as retirees.

However, increased life expectancies, the uncertain future of Social Security benefits, higher health care costs, and low interest rates have increased the need for American workers to save more for retirement.

Since its inception, the retirement system has become more effective and portable, leading to increased financial security for many Americans. Retirement savings plans also play an important role in the capital markets, as the contributions from these plans form a large amount of the capital invested in our financial markets.

In fact, at the end of the first quarter 2018, retirement assets in the U.S. totaled $28 trillion, of which over $7.7 trillion is attributable to employer-provided defined contribution plans.[1] This pool of capital helps to finance productivity-enhancing investments and business expansion.

Employer-sponsored retirement savings plans, along with Individual Retirement Accounts (IRAs), are a key component of our nation’s retirement system. Together with Social Security and other forms of savings, families have access to a range of options to meet their needs during their working years and in retirement.

SIFMA is committed to increasing retirement security and has identified three primary pillars to reach this goal:

  1. Expanding access to plans,
  2. Increasing participation and decreasing leakage, and
  3. Enhancing education.

SIFMA encourages passage of retirement legislation that includes Open MEPs, increased incentives for small businesses to open plans, an increase in the RMD age, along with other provisions to improve access to retirement savings.


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