Senator Kent Conrad and James Lockhart Comment on Senate Finance Committee Hearing on Savings Policy

WASHINGTON, Sept. 17, 2014 /PRNewswire-USNewswire/ -- Former Senator Kent Conrad and James B. Lockhart III, co-chairs of the Bipartisan Policy Center's (BPC) Commission on Retirement Security and Personal Savings, released the following statement about the recent Senate Finance Committee hearing on "Retirement Savings 2.0: Updating Savings Policy for the Modern Economy":

"We are very pleased to see Senators Wyden and Hatch bring attention to such an important issue in a bipartisan manner. Yesterday, they and their colleagues heard from a panel of experts with a variety of perspectives on how to improve the retirement security of the American people. The hearing focused on issues including Social Security, workplace defined contribution plans and the incentives for savings in the tax code.

"In April, the Bipartisan Policy Center launched a Commission on Retirement Security and Personal Savings, which we are proud to co-chair. Our commission is composed of former public officials, and nationally recognized experts in retirement, savings and insurance with academic, industry and advocacy backgrounds.

"One of our distinguished commissioners, Brigitte Madrian of Harvard University, was among the witnesses at this morning's hearing, and brought her extensive insights on retirement account policy and behavioral economics to the Committee, as she has done at our commission meetings to date.

"According to projections from the Employee Benefits Research Institute, over 40 percent of baby boomers and generation X will run short of money in retirement. Public policy can and should help to change this trajectory.

"Over the next few months, we will examine and model potential reforms to improve the ability of U.S. workers to retire with dignity and financial security. The commission will release its final recommendations in the spring of 2015, which we hope will mark the beginning of a year of action on these vital issues for the American public.

"Several senators have already authored constructive legislative proposals that could help more Americans reach a financially secure retirement. Their proposals range from reforms to Social Security to incentives for small businesses to offer workplace retirement plans. We are encouraged by these initial efforts and believe that building bipartisan momentum is the next step.

"With baby boomers quickly entering retirement and millennials anxious about their savings prospects as they join the workforce, our nation can't afford to keep punting these issues down the road. We stand ready to work with Congress and the administration to ensure that America's families are on the right path to retirement security."

About the Bipartisan Policy Center
Founded in 2007 by former Senate Majority Leaders Howard Baker, Tom Daschle, Bob Dole and George Mitchell, the Bipartisan Policy Center (BPC) is a non-profit organization that drives principled solutions through rigorous analysis, reasoned negotiation and respectful dialogue. With projects in multiple issue areas, BPC combines politically balanced policymaking with strong, proactive advocacy and outreach. For more information, please visit www.bipartisanpolicy.org.

SOURCE Bipartisan Policy Center

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