U.S. Senators Ben Cardin (D-MD) and Rob Portman (R-OH) have received the 2021 Ray Lillywhite Award from the Employee Benefit Research Institute (EBRI) for their lifetime work in enhancing Americans’ economic and retirement security.
The award was bestowed upon the longtime legislative cohorts who have worked closely together on a variety of retirement reform efforts during the recent EBRI Retirement Summit in Washington, D.C.
“It is a privilege to present U.S. Senators Ben Cardin and Rob Portman with the 2021 Ray Lillywhite Award,” said Lori Lucas, president & CEO, EBRI. “The senators have shown tireless dedication and have been inspirational in their advocacy and leadership to advance policies to improve the retirement system for workers and retirees. Their longtime efforts have been directed to increasing the pension and savings rate for Americans and opening opportunities for more Americans to access the retirement system.”
The Ray Lillywhite Award celebrates contributions by individuals who have had distinguished careers in the retirement and investment management fields and whose outstanding service has enhanced Americans’ economic security. The award is presented by EBRI as merited by individual and group excellence and is named after Ray Lillywhite, a pioneer in the pension field who for decades guided state employee pension plans.
Past Ray Lillywhite Award winners included Howard Fluhr, The Segal Group; Karin Brodbeck, Nestlé USA; Olivia Mitchell, Wharton School, University of Pennsylvania; and William F. Sharpe, Stanford University Graduate School of Business.
Cardin is chairman of the Senate Committee on Small Business and Entrepreneurship and is a Senate Committee on Finance member. Among his ongoing efforts to address retirement security, Cardin is particularly focused on providing more opportunities for small business employees to save for retirement by encouraging employers to offer workplace retirement options. “It is an honor to receive this year’s Ray Lillywhite Award,” Cardin said. “I have spent my career working with Senator Portman to improve the retirement security system in this country. We can and must do more to ensure all Americans have access to the tools they need to live a dignified life in retirement.”
Portman and Cardin have worked on retirement security issues for decades and sponsored numerous retirement saving and pension bills including major portions of which were incorporated into comprehensive legislation that was enacted into law. These include the Pension Protection Act of 2006, which among other things removed barriers preventing companies from automatically enrolling employees in defined contribution plans.
It also made permanent several pension provisions from the Economic Growth and Tax Relief Reconciliation Act of 2001, including the increased individual retirement account contribution limits and increased salary deferral contribution limits to a 401k.
Most recently, Cardin and Portman championed the Retirement Security and Savings Act, which is more commonly referred to as SECURE 2.0, currently under consideration on Capitol Hill. Retirement reform advocates remain hopeful the bill will be passed before the end of the year—particularly as Portman is retiring from the Senate.
Portman bids farewell to Senate
Last week, Portman gave his farewell speech on the Senate floor, where he took the opportunity to single out Cardin along with Senate Finance Committee Chairman Ron Wyden (D-OR) and Ranking Member Mike Crapo (R-ID) for working with him on so many retirement bills.
“Senator Cardin, thanks for being my partner for over 20 years on successfully expanding retirement savings,” Portman said.
The Insured Retirement Institute issued a statement from President and CEO Wayne Chopus praising Portman—a two-time winner of IRI’s Federal Champion of Retirement Security Award—for being a long-time leader on retirement security policy.
“As a member of the Senate Finance Committee, Senator Portman had a prime position to influence retirement policy. His approach has always been bipartisan, collegial, and consensus-driven,” Chopus said. “For years, he worked with another IRI Champion of Retirement Security, Sen. Ben Cardin, to craft legislation to benefit millions of workers and retirees. Those efforts paid off with the enactment of the Setting Every Community Up for Retirement Enhancement (SECURE) Act in 2019.”
Noting that Cardin and Portman have been heavily involved in crafting the SECURE 2.0 package, Chopus added, “It would be a fitting end to his illustrious public service career for Congress to pass this critical legislation before adjourning for the year.”
SEE ALSO:
• SECURE 2.0 Could Potentially Pass After the Holiday Season
• Portman, Cardin: Get Retirement Reform Done Now
• Retiring Champion: IRI Honors Kevin Brady During Last Days in Office
• Retirement Plan Advocate Senator Rob Portman to Retire
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.