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FOR IMMEDIATE RELEASE
Contact:
Joseph Rendeiro
(202) 776-1566
jrendeiro@nclr.org
This week, both Congress and the White House are proposing new ways to provide a more secure retirement for millions of Americans. Yesterday, President Obama signed an Executive Order establishing a voluntary pilot program called MyRA, an individual retirement account (IRA) that first-time savers may use as a way to save for retirement. And, today, Sen. Tom Harkin (D–Iowa), Chairman of the Senate Committee on Health, Education, Labor and Pensions, introduced the “Universal, Secure, and Adaptable (USA) Retirement Funds Act of 2014,” legislation aimed at improving workers’ retirement security.
“We’re pleased to see both the president and members of Congress acknowledge the growing retirement crisis in this country and put forward potential solutions that will have a lasting impact for generations of Americans,” said Eric Rodriguez, Vice President, Office of Research, Advocacy and Legislation, NCLR (National Council of La Raza). “Although the MyRA plan put forward by President Obama is a good first step toward providing Americans with an affordable retirement option, Congress needs to pass legislation. The bill introduced by Sen. Harkin takes a comprehensive approach to addressing this issue and would provide workers, including nearly two-thirds of Latino workers, with an opportunity to save for their future.”
Both proposals represent positive steps forward to ensure that 75 million Americans who lack access to a workplace retirement plan are able to earn a safe and secure pension benefit. These proposals will also make our retirement system more inclusive by ensuring that workers who earn lower incomes and who work for small companies are part of the new system.
“Latinos look forward to more opportunities for lower- and middle-income workers to save for retirement in a low-cost and safe manner,” said Rodriguez. “As one of the fastest-growing segments of the workforce, Latinos will play an important role in the future of this nation. We must ensure that they are able to save today in order to have a more secure retirement.”
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