EIG Media Contact: Reuben Francis | [email protected]
Washington, D.C. – The Economic Innovation Group (EIG) applauds the passage of the U.S. Conference of Mayors’ resolution urging Congress to boost retirement security for working Americans through the bipartisan Retirement Savings for Americans Act (RSAA).
Sponsored by Scranton Mayor Paige Cognetti and co-sponsored by Madison Mayor Satya Rhodes-Conway and West Sacramento Mayor Martha Guerrero, the resolution demonstrates growing momentum behind bipartisan legislation in Congress that would provide a retirement savings program modeled after the highly successful Thrift Savings Plan (TSP) to tens of millions of Americans who lack access to a workplace retirement plan.
“Too many American workers face retirement insecurity simply due to a lack of access to employer-provided plans or meaningful incentives,” said EIG President and CEO John Lettieri. “EIG commends the U.S. Conference of Mayors for endorsing a common-sense solution that would create a healthier retirement system, a more secure workforce, and a stronger economy to the benefit of all Americans.”
Tens of millions of working Americans—particularly low and moderate-income workers—lack sufficient retirement savings, and many lack access to a savings plan entirely. More than 28 percent of non-retired adults have $0 in retirement savings and half of working-age households risk seeing a decline in their standard of living in retirement.
The RSAA closely follows recommendations from EIG on how to boost access to retirement plans and strengthen incentives to save for low-income workers. To learn more about how the RSAA would strengthen retirement security for millions of Americans, visit www.inclusivewealth.eig.org.
About the Economic Innovation Group (EIG)
The Economic Innovation Group (EIG) is a bipartisan public policy organization dedicated to forging a more dynamic and inclusive American economy. Headquartered in Washington, DC, EIG produces nationally-recognized research and works with policymakers to develop ideas that empower workers, entrepreneurs, and communities.
