Sens. Cassidy, Kaine Honored as ‘Champions of Retirement Security’
Senator Bill Cassidy, M.D. (R-LA) and Senator Tim Kaine (D-VA) earned the “2025 Federal Champion of Retirement Security Award” from the Insured Retirement Institute in recognition of their leadership and efforts to enhance retirement security for America’s workers and retirees.
Cassidy is the Chairman of the Senate Committee on Health, Education, Labor, and Pensions (HELP) and a member of the Senate Committee on Finance. Retirement issues fall under the jurisdiction of each committee.
Kaine is also a member of the HELP Committee, where he and Cassidy have partnered to sponsor two bills included in IRI’s Retirement Security Blueprint: the Helping Young Americans Save for Retirement Act (S. 1707) and the Auto Reenroll Act (S. 1831). Both senators also have cosponsored another IRI-advocated measure from its Blueprint, the Retirement Fairness for Charities and Educational Institutions Act (S.424).
“Senator Cassidy and Senator Kaine embody the spirit and leadership of this award through their strong bipartisan commitment to advance policies to help more of America’s workers and retirees achieve a secure and dignified retirement,” said Wayne Chopus, President and CEO at IRI. “It is our privilege to present them with IRI’s Federal Champion of Retirement Security Award.”
The Auto Reenroll Act of 2025 would amend ERISA safe harbors to allow plan sponsors to reenroll non-participants at least once every three years, unless the employee opts out again.
The Helping Young Americans Save for Retirement Act 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.
The Senate HELP Committee has a hearing scheduled for tomorrow (Dec. 10) on “The Future of Retirement,” where lawmakers are expected to examine both the Helping Young Americans Save for Retirement Act and the Auto Re-enroll Act of 2025, which IRI says would significantly expand savings opportunities for millions of workers.
The Retirement Fairness for Charities and Educational Institutions Act, which would amend federal securities laws to allow CITs and certain insurance separate accounts in 403(b) plans, aligning them more closely with 401(k) treatment, is one of 20 bills included in the INVEST Act the House is expected to vote on Wednesday.
“Americans who work hard their entire lives deserve to retire with confidence. That’s why we’ve worked to protect their benefits and strengthen the programs they count on,” said Dr. Cassidy.
“Everyone deserves to retire with dignity and security, and I’m proud to have worked with colleagues on both sides of the aisle to introduce key legislation like the Auto Reenroll Act and the Helping Young Americans Save for Retirement Act to ensure all Americans can do just that,” said Kaine. “I’m honored to receive this year’s Federal Champion of Retirement Security Award alongside Sen. Cassidy and remain committed to working together to make it easier and simpler to retire.”
IRI’s Champions of Retirement Security Award was established in 2013 to recognize members of Congress who work to enhance retirement security in the United States. Earlier this year, IRI honored Equitable President Nick Lane as the 2025 “Industry Champion of Retirement Security Award” for his commitment to expanding access to retirement solutions.
SEE ALSO:
• Sens. Introduce Bipartisan Bill to Encourage Automatic Enrollment
• IRI Issues ‘To Do’ List for Congress to Improve Retirement Security
• Equitable Leader Named IRI’s 2025 Industry Champion of Retirement Security
• INVEST Act in House Could Finally Be Vehicle to Allow CITs in 403(b)s
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.