Senate Votes to Kill Innovative State Retirement Savings Plans

Today the U.S. Senate passed H.J. Res. 66, a Congressional Review Act resolution to strike down a Department of Labor rule that affirmed the ability of states to offer automatic-enrollment retirement savings plans (often called Secure Choice plans) to workers who are not covered by their employers.

The following quote can be attributed to Justin King, policy director for New America's Family-Centered Social Policy program:

“This is an attack on vulnerable workers, America's fiscal future, and the very idea of federalism. Secure Choice plans are a critical innovation that open new pathways to expanded retirement and financial security in America. 

Today’s vote undermines the prospect of a secure retirement for the half of the American workforce that has no retirement plan through their employer. One hundred days in and this administration and Congress have shown us their priorities: taking away health care and the ability to save for retirement are at the top of the list."