Washington—Senator Feinstein (D-Calif.) today issued the following statement after the Senate voted to overturn a Labor Department rule that clarified employer obligations to state-run workplace retirement programs:
“We are in a national retirement savings crisis. Almost half of all working-age households lack a retirement savings account, and the typical retirement savings for families approaching retirement is only $17,000.
“This rule was a commonsense guideline to make it easier for Americans to save for retirement. When an individual has access to a workplace retirement savings program they are 15 times more likely to save for retirement. Repealing this retirement rule means California won’t be able to provide retirement savings access for 7.5 million workers.
“I’m joining with my colleagues to introduce legislation to reverse this misguided repeal. Supporting retirement savings is not a partisan issue. As families struggle to make ends meet, I’m appalled that Congress would take away a key financial planning resource for American workers.”