WASHINGTON, DC—Following is a statement by AARP Executive Vice President Nancy A. LeaMond after the votes today on resolutions focusing on state-based private sector retirement savings.
“Today’s House vote to limit savings opportunities will not deter AARP from continuing our fight to help millions of working Americans to save for retirement.
“Right now, 55 million Americans do not have a way of saving for retirement out of their regular paycheck, and if they are unable to save enough, they run the risk of a financially insecure retirement or ultimate reliance on government safety net programs that cost the taxpayers in the end.
“Many Americans who lack the opportunity to save at work are often women and minorities with limited access to other sources of income beyond Social Security in retirement.
“Over 30 states have taken action on initiatives that will greatly assist workers to improve their financial situation in retirement. Seven states – Illinois, Oregon, California, Maryland, Connecticut, Washington and New Jersey – already have established private-public partnerships to provide workplace savings options. These initiatives provide flexible, practical solutions to address an important retirement need in this country.
“The House-passed resolution, which shrinks state flexibility and curbs growth in retirement savings, will now head to the Senate. AARP will continue our state efforts to help small business employees gain access to workplace savings options and continue to oppose this resolution.”
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AARP is the nation’s largest nonprofit, nonpartisan organization dedicated to empowering Americans 50 and older to choose how they live as they age. With nearly 38 million members and offices in every state, the District of Columbia, Puerto Rico, and the U.S. Virgin Islands, AARP works to strengthen communities and advocate for what matters most to families with a focus on health security, financial stability and personal fulfillment. AARP also works for individuals in the marketplace by sparking new solutions and allowing carefully chosen, high-quality products and services to carry the AARP name. As a trusted source for news and information, AARP produces the world’s largest circulation publications, AARP The Magazine and AARP Bulletin. To learn more, visit www.aarp.org or follow @AARP and @AARPadvocates on social media.