US. New Bill Would Conduct the Largest Investigation of Private Pensions in 40 Years
Bipartisan US senators are proposing legislation in an effort to secure workers’ retirement benefits in the long run, through the formation of a new retirement commission that would guide private retirement plans to a more sustainable future.
Coined the Federal Retirement Commission Act, Sens. Todd Young, an Indiana Republican, and Cory Booker, a New Jersey Democrat, would create a group responsible for reviewing private benefit programs and submitting to Congress recommendations on how to improve or replace the programs. Their judgements would be mandated to consider societal trends such as wage growth, health care costs, life expectancy, serial employment, and shrinking household size, with a focus on moving from defined benefit to defined contribution models.
“With many individuals reaching retirement with little to no savings of their own, we must take a serious look at our current retirement programs and make the changes necessary to help secure the futures of so many hardworking Americans,” Young said in a statement.
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