SIFMA statement submitted for record before the United States Senate Finance Committee Hearing on "Challenges in the Retirement System." SIFMA…
United States House of Representatives Committee on Ways and Means
Hearing on Improving Retirement Security for America’s Workers
Thursday, February 7, 2019
Statement for the Record
The Securities Industry and Financial Markets Association (“SIFMA”)1 appreciates the opportunity to provide a submission to the House Ways and Means Committee as part of its hearing on retirement security. We commend Chairman Neal for his long-standing commitment to expanding retirement savings and retirement security for all Americans, and we look forward to working with him and other members of Congress to advance this critical policy goal.
The Importance of Addressing Retirement Savings
The American retirement system, including various tax incentives to promote savings, has helped millions of Americans prepare for a secure retirement. Entering the 116th Congress, SIFMA believes Congress can take steps toward enhancing the private retirement system even further, including passage of provisions that have bipartisan support, the Retirement Enhancement and Savings Act (RESA) as well as other commonsense provisions to encourage small businesses to offer retirement savings plans and encourage individuals to utilize the options that are available to enjoy retirement security.