U.S. Chamber Outlines Path Forward for Private Retirement Benefits

Releases Guidelines to Bolster Retirement Security of America’s Workforce

WASHINGTON, D.C.—The U.S. Chamber of Commerce today released a white paper entitled, “Private Retirement Benefits in the 21st Century: A Path Forward.” In response to concerns about retirement security, the Chamber’s Employee Benefits Committee developed this white paper to offer guidelines on initiatives and reforms that will bolster the voluntary employment-based retirement benefits system and retirement security for workers.

“The Chamber is determined to protect the retirement security of America’s workforce and preserve the ability of employers to provide flexible and comprehensive compensation to employees,” said Randy Johnson, senior vice president for labor, immigration & employee benefits at the Chamber. “This white paper offers detailed guidelines to help employers create and maintain retirement plans, and for workers to increase their savings. It also identifies ways to make retirement assets last for future retirees.”

The Chamber’s white paper lays out a path to continue the success of the private employer-provided retirement system and increase retirement security for millions of workers.

Specifically, it recommends:

• Encouraging employers to create and maintain retirement plans by growing plan sponsorship among small businesses, streamlining notice requirements and allowing for greater use of electronic disclosures, reforming multi-employer defined benefit funding rules to prevent bankruptcy among small employers, reforming single-employer defined benefit funding rules to allow for greater predictability, and clarifying the hybrid plan rules and regulations.

• Encouraging greater individual savings by pushing for the use of automatic plan features, promoting financial education for retirement, and helping preserve retirement assets.

• Implementing strategies to make retirement assets last by encouraging additional distribution options, addressing required minimum distribution rules, encouraging employers to offer voluntary products, and eliminating barriers to phased retirement.

The U.S. Chamber of Commerce is the world’s largest business federation representing the interests of more than 3 million businesses of all sizes, sectors, and regions, as well as state and local chambers and industry associations.