In light of the current financial crisis, on Tuesday, February 24, the House Education and Labor Committee will begin a series of hearings to explore the shortcomings of our nation’s retirement system and look at solutions to ensure that Americans can enjoy a safe and secure retirement after a lifetime of hard work.
The first hearing will examine how the current economic crisis has highlighted existing weaknesses in the 401(k) retirement savings system. As a result of economic conditions, older workers are putting off retirement plans, retirees are thinking about going back to work, current workers are reducing 401(k) contributions, and more are borrowing from their retirement savings to pay for basic necessities.
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The first hearing will examine how the current economic crisis has highlighted existing weaknesses in the 401(k) retirement savings system. As a result of economic conditions, older workers are putting off retirement plans, retirees are thinking about going back to work, current workers are reducing 401(k) contributions, and more are borrowing from their retirement savings to pay for basic necessities.
Witnesses:
- Dean Baker » Co-director Center for Economic and Policy Research
- John C. Bogle » Founder Vanguard Group
- Alicia Munnell » Director Boston College’s Center for Retirement Research
- Paul Schott Stevens » President and CEO Investment Company Institute
Statements Submitted for the Record:
Profit Sharing Council of America »
American Benefits Council »
Matthew Hutcheson »
Independent Pension Fiduciary
Mellody Hobson »,
President, Ariel Investments, LLC and Chairman, Ariel Mutual Funds Board of Trustees
