Call your U.S. Senators this week.
The Bell Policy Center is joining with AARP Colorado to ask for your help in protecting state flexibility on retirement savings programs. Tell members of Congress not to take up Joint Resolutions 66 and 67. Please oppose these resolutions if they are brought for a vote! That could happen as soon as this week.
Who to call:
Senator Michael Bennet (202) 224-5852
Senator Cory Gardner (202) 224-5941
What to say:
Hello, this is [NAME]. I’m calling from [HOME TOWN].
I’m calling to urge you to oppose House Joint Resolution 66 and 67. They revoke a rule and guidance providing states and cities with the flexibility to set up retirement savings options for small businesses and their employees.
House Joint Resolutions 66 and 67 represent the kind of federal overreach we expect [SENATOR ] to oppose.
I urge [SENATOR ] to protect state flexibility on retirement savings programs by asking leadership not to take up Joint Resolutions 66 and 67, and oppose the resolutions if they are brought to a vote.
- 55 million working Americans do not have a way to save for retirement out of their regular paycheck because their employer does not offer a retirement plan. Yet employees are 15 times more likely to save if they have a payroll deduction savings plan at work.
- In Colorado, 753,972 private-sector workers currently do not have any type of retirement program.
- Nearly half of Baby Boomers and Gen-Xers will lack the income to meet the basic retirement expenses and health care costs.
- The typical working-age household has only $2,500 in retirement assets and households nearing retirement only have $14,500.
- A 2016 Department of Labor rule provides guidance on how states can do this through public-private partnerships. The rule is clear: states have the flexibility they need to implement innovative retirement solutions. Small business owners have no operational burden for these plans. Their only interaction with a Work and Save plan is to facilitate payroll deductions for these individual savings plans.
- Two Congressional Review Act resolutions – H.J. Res. 66 and 67 – to overturn this rulemaking are expected to be voted on in Congress this week. This represents significant overreach by the federal government. Congress should not block states from enacting public-private partnerships to address the retirement needs of millions of workers if they want to.
- A recent survey found that voters overwhelmingly support letting states lead the way on retirement security. Over three in four (77%) political conservatives support a state-facilitated retirement savings plan, and (76%) agree elected officials should do more to make it easier for small business to provide retirement savings options to their employees. (2017 AARP Retirement Security National Survey of Employed Adults Ages 18-64, January)