WASHINGTON, DC — Following the narrow passage of H.J. Res. 66 today in the U.S. Senate, AARP released the following statement from AARP Executive Vice President Nancy LeaMond expressing disappointment in the vote to discourage workplace savings options for small business employees. AARP will inform its 38 million members how their Senators voted.
“Today, the Senate moved to limit opportunities for families who want to save for a better life as they age. Too many small business employees don’t have a way to save for retirement out of their regular paycheck. H.J. Res. 66 does significant harm to a common-sense bipartisan solution that creates private investment vehicles to help middle class families save through a simple payroll deduction.
AARP will utilize our communications channels to make sure our members know about this vote to discourage retirement savings.
“AARP will also continue to work with state leaders to implement laws that have been enacted in Oregon, Illinois, Maryland, Connecticut, and California that provide 15 million workers with new workplace savings options. And, while today’s vote rolls back the Department of Labor rule -- requested by states – to provide additional guidance, AARP will continue its advocacy in support of state legislation that would afford access to millions more.
Today, 55 million Americans lack access to workplace retirement savings plans, even though research shows that people are 15 times more likely to save if they can do so directly out of their paychecks.
Increasing retirement savings helps state budgets as well as individuals and their families. A recent report found that states could save $86 billion over the next 15 years in safety net spending if retirement savings were modestly increased. A recent AARP survey confirms that over 8 in 10 workers agree that officials should back legislation to enable workers to save their own money for retirement.
The full text of the letter AARP sent to the Senate noting they would inform their members of the vote may be found here.
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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.