Third Way Statement on the Retirement Savings for Americans Act
WASHINGTON—Third Way released the following statement from Gabe Horwitz, Senior Vice President for the Economic Program:
“Every single day, half of the private sector workforce shows up at a job and does not earn anything for retirement beyond Social Security. As a result, millions of older Americans face challenges with financial security as they age. That’s unacceptable.
“There needs to be a serious and significant commitment from policymakers to help American workers generate private retirement savings, separate from and in addition to Social Security. That’s why we applaud Senators John Hickenlooper and Thom Tillis and Representatives Lloyd Smucker and Terri Sewell for their leadership on the Retirement Savings for Americans Act. Under their important bill, full- and part-time workers who lack access to an employer-sponsored retirement plan would be eligible for a private retirement account. A federal contribution would be available for low- and moderate-income workers, and the accounts would remain attached to workers throughout their lifetime.
“This legislation has a similar vision to an approach we have championed since 2014—every worker needs access to a private retirement plan, automatic contributions to those plans, and simple, low-fee investment options similar to the Thrift Savings Plan for federal employees. We hope policymakers take notice, as ensuring everyone has a dignified retirement is one of the central challenges of this era. We call on Congress to prioritize retirement security and tackle the issue in a comprehensive and fiscally responsible way.”