Feb. 13, 2017
Today the House Rules Committee passed rules allowing the House to vote on H.J. Res. 66 and H.J. Res. 67, resolutions aimed at striking down Department of Labor regulations that affirmed states' ability 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:
"Secure Choice plans are promising innovations to address a failure of federal policy to ensure the secure retirement of millions of workers. Secure Choice is a model for covering workers forgotten in the traditional workforce, as well as the so-called 'gig economy.' The House resolutions deeply undermine the future of retirement savings for untold millions of Americans.
New America and other stakeholders have been working to develop state-based auto-enrollment retirement savings plans for the past 10 years. These aren't "midnight regulations", they're a carefully studied response to the oncoming wave of retirement insecurity that is going to swamp American families, communities, and governments in the next few decades. Americans forgotten by the retirement savings industry see hope in Secure Choice. Passing these resolutions is an attempt to dim the retirement prospects of generations of Americans to come."