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Senators Hatch, Cardin, and Murphy to Join Aspen Institute Briefing on Savings Policy Reforms in 2014

Capitol Hill Briefing To Take Place Wednesday Afternoon

WASHINGTON, Jan. 15, 2014 /PRNewswire-USNewswire/ -- The Aspen Institute Initiative on Financial Security (Aspen IFS) will host a congressional briefing on Capitol Hill this afternoon on Looking Ahead: The Savings Policy Landscape for 2014. The briefing will bring together Senators Orrin Hatch (R-UT), Ben Cardin (D-MD) and Chris Murphy (D-CT), to discuss what policymakers' focus will be throughout the next year to advance savings policies that enable all Americans to attain a college education, start a business, buy a home, and earn a secure retirement. The briefing will take place Wednesday, January 15 from 12:00 – 1:30 p.m. in Room 485 in Senate Russell Building.

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Following the senators' remarks, featured experts will offer their thoughts on what future savings policies should address. Speakers include

  • Andrea Levere, President, CFED
  • Christine Marcks, President, Prudential Retirement
  • Lisa Mensah, Executive Director, Aspen Institute Initiative on Financial Security
  • Debra Whitman, Executive Vice President, Policy, Strategy, & International Affairs, AARP

"If we are serious about getting our nation back on a sound fiscal footing, then we need to take action and confront the skyrocketing public pension debt that has plagued areas across the country," said Hatch, Ranking Member of the Senate Finance Committee, which has jurisdiction over public pension issues. "We need to enact smart policies to better incentivize savings that will help guarantee more Americans have financial security in retirement and also work to prevent the public pension crisis from putting states and taxpayers at further risk. The time to act is now, which is why I've introduced legislation – the SAFE Retirement Act – to take on this challenge in a meaningful way."

"As we work on job creation, we must also work to ensure that today's economic woes and unemployment do not translate into long-term instability for American families," said Senator Cardin.  "That is why I am so glad that the Aspen Institute is bringing attention to the urgent issue of savings. It is becoming harder and harder to save, particularly for retirement. Congress has united before in order to strengthen retirement security in this country-we need to do it again."

"Saving is about so much more than dollars and cents – it's about ensuring the dignity and self-respect that come with having a stake in one's financial future. Few topics are more pressing than this," said Senator Chris Murphy (D-CT).

"The lack of personal savings in our country is a problem that needs attention now, or millions of hard-working families will pay a price tomorrow," said Debra B. Whitman, AARP's executive vice president for policy, strategy and international affairs. "The good news is that policy solutions can make a real difference."

"We've seen some progress in retirement readiness over the past several years as more plan sponsors adopt automated features and outcome-oriented investment options, and more individuals realize that they may easily live 20 to 30 years in retirement," said Christine Marcks, president of Prudential Retirement. "But there's much more that legislators, regulators, and the industry can do together to improve retirement security for all American workers."

"Promoting savings and investments is about increasing economic opportunity and mobility. While income helps families get by, savings and investments help them get ahead," said CFED president Andrea Levere. "Congress can and should work to ensure that all working families can build personal nest eggs for emergencies and retirement, pursue homeownership, higher education, and entrepreneurship, and invest in the talents and aspirations of their children."

"Savings policies that start early in life and bring current workers into the savings system have the power to strengthen household finances and the national economy," said Lisa Mensah, founder and director of the Aspen Institute Initiative on Financial Security. "Savings policies have bipartisan appeal and modest changes to current law can encourage millions of Americans to save and invest in their futures."  

For additional information about the Looking Ahead event and the work of the Aspen Institute Initiative on Financial Security, please contact Colby Farber at 202.736.2533 or at [email protected].

About Aspen IFS:
The Aspen Institute Initiative on Financial Security (Aspen IFS) is a leading policy program dedicated to helping bring about the policies and financial products that enable all Americans to save, invest, and own. For more information about Aspen IFS and its work, please visit www.aspenifs.org.

About the Aspen Institute
The Aspen Institute is an educational and policy studies organization based in Washington, DC. Its mission is to foster leadership based on enduring values and to provide a nonpartisan venue for dealing with critical issues. The Institute is based in Washington, DC; New York City; Aspen, Colorado; and on the Wye River on Maryland's Eastern Shore. For more information, visit www.aspeninstitute.org.

SOURCE The Aspen Institute

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