IRI Issues ‘To Do’ List for Congress to Improve Retirement Security
While it may take some time before Congress comes together on comprehensive “SECURE 3.0” legislation, one organization is making its pitch for what it thinks needs to be at the center of it.
The Insured Retirement Institute announced a new initiative Thursday to encourage Congress to enhance the retirement security of America’s workers and retirees. IRI’s plan, “A More Secure Retirement for America’s Workers and Retirees,” proposes a series of bipartisan, common-sense policy initiatives from its 2025 Federal Retirement Security Blueprint to serve as the nucleus for new, comprehensive retirement security legislation that Congress should enact.
IRI cited several recent survey findings demonstrating America’s workers and retirees continued anxiety about accumulating sufficient retirement savings that will last throughout their golden years.
- A BlackRock survey found that 80% of U.S. voters believe the Trump Administration and Congress should prioritize legislation to help people plan and save for a secure retirement. The survey also revealed that only 18% of voters said they are very confident that they will have enough money to last throughout retirement.
- A study by Allianz Life found that 64% of Americans say they worry more about running out of money in retirement than about death.
- An Alliance for Lifetime Income study found that 54% of Baby Boomers and Gen Xers are worried about outliving retirement savings.
Other research indicates that workers and retirees are interested in protected, guaranteed lifetime income solutions, such as annuities, to address retirement income insecurity.
- Another BlackRock study found that 74% of retirement savers would save more if their retirement plan offered a guaranteed income option.
- The Allianz Life study also found that 92% of respondents said a product that provides guaranteed income would help financially support the life they want.
IRI said in a press release today it believes more can be done to ensure America’s workers and retirees achieve a secure and dignified retirement by building on the successes of the SECURE Act and the SECURE 2.0 Act, which inspired industry innovation to address many challenges faced by retirement savers. IRI believes that Congress and President Trump can further strengthen the foundation of bipartisan retirement security policies.
“The time is right for Congress to act and enhance retirement security,” said Wayne Chopus, President and CEO, IRI. “Our plan includes proposals that have attracted support from both sides of the aisle that can help workers and retirees build savings and generate income to live comfortably throughout their retirement years.”
Several bipartisan proposals in IRI’s plan have been introduced in this Congress. The plan calls for Congress to enact:
• Auto Re-Enroll Act of 2025 (S. 1831-119th Congress): This bill would prompt workers who have opted out of their retirement plan’s auto-enrollment feature to periodically reevaluate their decision, encouraging participation as their careers and financial situations evolve.
• Helping Young Americans Save for Retirement Act (S.1707-119th Congress): Aims to remove the age barrier that currently prohibits younger Americans from participating in workplace retirement plans, enabling them to begin saving earlier in their careers.
• Lifetime Income for Employees Act (H.R. 3942-118th Congress): Directs the Department of Labor to lift regulatory barriers that currently hinder the offering of protected, guaranteed lifetime income products within defined contribution plans, thereby providing workers with more opportunities for sustainable retirement income.
• Retirement Fairness for Charities and Educational Institutions Act (S.424/H.R.1013-119th Congress): Seeks to provide parity for 403(b) retirement plan participants by allowing their investment menus to include lower-cost options like collective investment trusts and unregistered insurance company separate accounts, which are currently restricted by federal securities law.
• SECURE 2.0 Act Amendment (Division T of the Consolidated Appropriations Act, 2023 (Public Law 117-328):Proposes an amendment to Section 202 of the SECURE 2.0 Act to better meet the diverse needs of retirement savers by making indexed and variable annuity contracts with guaranteed lifetime income benefits eligible to be treated as Qualified Longevity Annuity Contracts (QLACs).
• Annual Defined Contribution Plan Notice Amendment: Calls for an amendment to Section 105 of ERISA to enhance the required language of annual plan notices, specifically to include a warning about the risks associated with outliving retirement savings.
“By focusing on these common-sense, bipartisan proposals, we hope to spark action by the President and Congress to advance these policy recommendations into new laws that will reduce anxiety and insecurity, expand opportunities for the accumulation of retirement savings, and make options to convert savings into protected, guaranteed lifetime income more available to America’s workers and retirees,” said Paul Richman, Chief Government and Political Affairs Officer at IRI.
For more information on IRI’s “A More Secure Retirement for America’s Workers and Retirees” plan, read its latest Vision blog post by Wayne Chopus.
SEE ALSO:
• Multiple Retirement Bills—Including CITs in 403(b)s—Being Marked Up in House This Week
• Bill Would Mandate Employer Contributions
• Reintroduced Bill Would Replace Biden-Era ESG Regulation
• Participants Press for Lifetime Income Options in Retirement Plans
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.
