More than three-quarters of American workers think Congress should do more to expand access to retirement plans.Brian Croce
More than three-quarters (77%) of American workers think Congress should do more to expand access to retirement plans, according to a survey released Tuesday by Prudential Financial.
The American Workers Survey, conducted in February on behalf of Prudential by Morning Consult, also found that 68% of respondents were concerned that they won’t have enough saved to retire comfortably, while 82% of working parents were concerned about their children’s financial security as they grow up.
“The challenge of saving for retirement, and the concern and stress that it imposes on workers, is a recurring theme in our surveys on barriers to workers’ financial security,” says Ann Kappler, deputy general counsel and head of external affairs for Prudential, in a statement. “This survey in particular highlights the increasing urgency for Congress to address retirement security.”
At small businesses (those with fewer than 100 employees), 39% of workers said their employer provides the benefits they need to feel financially secure, compared to 63% of workers at large businesses (companies with more than 1,000 employees).
The Retirement Enhancement and Savings Act, the most widely discussed retirement bill in recent years, was in reintroduced in the House in February after it fell short of simultaneously passing both chambers of Congress last session. It has garnered broad, bipartisan support and would make it easier for smaller employers to join open multiple employer plans, ease non-discrimination rules for frozen defined benefit plans and add a safe harbor for selecting lifetime income providers in defined contribution plans, among other provisions.
In the survey, 68% of respondents said believe policymakers should support retirement solutions that convert savings into a stream of lifetime income payments.