TIAA-CREF officials are sounding the alarm on retirement security, warning that the demise of the so-called "three-legged stool" of retirement funding is leaving Americans less confident that they can fund a comfortable retirement.
To deal with this, a TIAA-CREF official testified at a Senate hearing, employers must emphasize that attaining retirement savings goals is a shared responsibility between employers and employees, and accordingly should offer matching contributions that encourage employees to contribute.
"We believe it is clear the nation is facing a retirement security crisis due to a number of factors, including changes in the way retirement is funded," Edward Moslander, senior managing director, Institutional Relationship Management, at TIAA-CREF, testified.
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