SIFMA Statement on Senate Retirement Hearing and Private Sector MEPs

Release Date: January 28, 2016
Contact: Carol Danko, 202-962-7390, [email protected]

SIFMA Statement on Senate Retirement Hearing and Private Sector MEPs

Washington, D.C., January 28, 2016– SIFMA today issued the following statement from Andy Blocker, executive vice president of public policy and advocacy, on the issue of private sector multiple employer plans (MEPs) raised in today’s Senate Finance Committee hearing, “Helping Americans Prepare for Retirement: Increasing Access, Participation and Coverage in Retirement Savings Plans”:

“SIFMA commends the Senate Finance Committee for holding today’s hearing on ways to help Americans save for retirement. The Department of Labor’s recent proposal, without clear reason, is limited to state-run MEPs, which can limit savings options for employees. SIFMA supports expanding the MEP approach to the private sector in order to improve retirement savings options for small businesses, while reducing concerns about lower savings rates and safeguarding current protections under ERISA. We thank the members of Congress who have taken the initiative to support private sector MEPs and look forward to reviewing forthcoming proposals.”