Another legislative champion of retirement plan reform has announced his retirement from the U.S. Senate.
Senator Ben Cardin (D-MD), Chair of the Senate Small Business and Entrepreneurship Committee, a member of the Senate Finance Committee and a key player in drafting the SECURE Act of 2019 and SECURE 2.0 in 2022, announced May 1 that he would not seek re-election when his current term ends in 2024.
This comes not long after Ohio Republican Sen. Rob Portman—Cardin’s longtime partner in retirement reform legislation efforts—announced his retirement from the Senate effective at the end of 2022.
There are plenty of lawmakers who had a hand in crafting the 100+ provisions in the SECURE 2.0 Act of 2022. But perhaps no one had their fingerprints all over the SECURE 2.0 more than Cardin and Portman.
Of the 92 provisions included in the package, 45 of them are based on the Senators’ bipartisan legislation S. 1770, the Retirement Security and Savings Act, which passed the Senate Finance Committee in June 2022 as part of the broader Enhancing American Retirement Now (EARN) Act.
“We got retirement security done—you gave up a lot of dinners so I could get my retirement bills accomplished,” Cardin told his wife Myrna during a 6-minute video posted on YouTube where the two discuss his retirement and various accomplishments over a 56-year career of public service.
Cardin has been working on retirement issues since he served in the House of Representatives to enact the 2006 Pension Protection Act. Sen. Cardin played a critical role in passing the Setting Every Community Up for Retirement Enhancement (SECURE) Act in 2019, and of course, SECURE 2.0.
“Throughout Senator Cardin’s service in Congress, he has been recognized as a leading champion advocating for policies to help America’s workers and retirees relieve their growing anxiety about their futures during their golden years.”
IRI’s Wayne Chopus
The announcement quickly prompted kudos from prominent retirement industry leaders.
“Without question, the retirement plan industry would not be where it is today without Senator Cardin’s decades of efforts to reverse the damage that was done in the 1980s and early 1990s to vastly improve the system since then,” said American Retirement Association CEO Brian Graff.
“Throughout Senator Cardin’s service in Congress, he has been recognized as a leading champion advocating for policies to help America’s workers and retirees relieve their growing anxiety about their futures during their golden years,” said Wayne Chopus, President and CEO, Insured Retirement Institute. “We are very grateful to him for his efforts, leadership, commitment to retirement security, and service to our nation. IRI and our members wish him well in his next chapter.”
IRI twice recognized Cardin, along with Portman, as its “Champions of Retirement Security,” most recently in 2021 as “a testament to their long-standing commitment, advocacy, and leadership to advance policies that address the retirement anxiety felt by millions of America’s workers and retirees,” IRI’s Chopus said at the time.
Cardin and Portman also received the 2021 Ray Lillywhite Award from the Employee Benefit Research Institute (EBRI) for their “tireless dedication” and lifetime work in enhancing Americans’ economic and retirement security.
Effective bipartisan approach
Like Portman, Cardin has received praise for his willingness to “reach across the aisle” to get things done.
“In legislating, to me it’s important to listen—listen to my colleagues, work with Democrats and Republicans, be willing to work hard, being willing to recognize that you don’t know everything. But wanting to get results,” Cardin said.
“For me, the essential ingredients of effective public service are integrity and civility. I have always tried to listen to people, understand their problems and then work with them to find a solution. I am an optimist but also a realist. I was taught that it’s okay to compromise—don’t ever compromise your principles—but find a path to get things done. Inspire trust in those around you. Keep your word and, again, listen. That’s civility and it has been central to all I have done over these many years of elected office.”
Cardin pointed out that although he isn’t seeking reelection and won’t serve beyond 2024, his work is not done.
“It has been the honor of my life to represent the people of Maryland. There’s a lot that I’ve been able to get done during my legislative career, but I still have to work to do,” Cardin said in his YouTube video. “I want to make sure that small businesses are protected in this really challenging environment.”
SEE ALSO:
• Portman, Cardin Fingerprints All Over SECURE 2.0 Act of 2022
• Portman, Cardin: Get Retirement Reform Done Now
• Sens. Cardin, Portman Honored as 2021 ‘Champions of Retirement Security’
Veteran financial services industry journalist Brian Anderson joined 401(k) Specialist as Managing Editor in January 2019. He has led editorial content for a variety of well-known properties including Insurance Forums, Life Insurance Selling, National Underwriter Life & Health, and Senior Market Advisor. He has always maintained a focus on providing readers with timely, useful information intended to help them build their business.
