Retirement security is a top priority for American families, which is why it is a top priority for Republicans in Congress. The continuing decline of the defined benefit pension system and the loss of American savings in the aftermath of the 2008 financial crisis have made pension and retirement savings reforms a critically important issue in Congress.
Recognizing that pension laws written for a 1970s economy were in desperate need of reform, in 2006 Congress took bipartisan action to enact the first comprehensive overhaul of worker pension laws in more than a generation. The times had changed and it was time for the law to change as well.
Known as the Pension Protection Act, these bipartisan reforms improved a broken system that was no longer serving the interests of workers who count on their savings when they retire. It included tough new funding requirements to ensure employers adequately and consistently fund their pension plans, provided workers with meaningful disclosure about the financial health of their benefits, and protected American taxpayers from a possible multi-billion dollar bailout of the federal Pension Benefit Guaranty Corporation.
In addition to these efforts, Congress in recent years has improved programs and services under the Older Americans Act – the primary effort by the federal government to organize and deliver a wide array of social services for elderly Americans. These reforms increased program accountability, strengthened efforts to prevent elder abuse, and enhanced services to improve the quality of life for our nation’s seniors.
Recognizing the challenges that lie ahead, Republicans will work to build upon these historic reforms. Whether it is retirement accounts or college funds, Republicans strongly support policies to help American families rebuild their hard-earned savings.
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