Senate Finance Committee Chairman Ron Wyden, D-Oregon, feels it's time for Congress to address retirement security.
"In today's economy, workers are carrying more and more of the load in preparation for retirement. It's time to update our pension rules to help provide greater economic security in retirement — not less," Wyden said in a statement released Tuesday, the 40th anniversary of the Employee Retirement Income Security Act.
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Wyden said that the Finance Committee will assess pension and retirement rules in the tax code when Congress reconvenes in the fall. The first hearings on what steps can be taken to help Americans save more for retirement will begin at the end of the month, he said.
Wyden, who took over the chairmanship from retiring Sen. Max Baucus, D-Montana, earlier this year, has said that he wants to amend the "dysfunctional, rotting mess of a carcass that we call the tax code."
Cathy Weatherford, president of the Insured Retirement Institute, has been lobbying Wyden to preserve existing retirement savings tax incentives.
"Tax incentives for retirement savings have been a powerful tool in helping millions of Americans save and prepare for their retirement years, and the preservation of these incentives will be an important component of the retirement security agenda in Washington for years to come," Weatherford has said.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
