Helping Americans save for the future

Over the next decade, the US will face a retirement crisis as 70 million baby boomers begin to retire in 2010. In the meantime, this country is facing large budget deficits and a low national personal savings rate, all of which place enormous strains on traditional retirement programs such as Social Security. Thr recently introduced Pension Preservation and Savings Expansion Act, HR 1776, has been drafted to build on past legislation by providing greater retirement savings opportunities for millions of American workers. Employer-sponsored plans provide low-administration options for employees. HR 1776 will encourage the maintenance and creation of employer-sponsored plans by: addressing defined benefit funding problems by setting a responsible funding rate to replace the now-defunct 30-year Treasury bond rate. It also will provide temporary relief to multi-employer plans plans for those who work for multiple employers such as in the building trades - from recent stock market losses and create more ways for small employers to offer retirement plans.