"Too many individuals are outliving their retirement income, and as we have changed from the defined-benefit world into the defined-contribution world, the risks are more on the individual employees. And we need to look at ways that we can encourage more of the lifetime-income sources, taking the pressure off of
"You’ve got to be sure people have a backstop. I mean,
In 2001, when they were both serving in the
Cardin and Portman are working together once again to develop new retirement-reform proposals, an effort that acknowledges the importance of advisors in helping shape workers' retirement planning.
"The two of us are very much concerned about investment advice. That's a critical point," Cardin said. "Too many Americans make action by inaction. They make their allocations in the defined-contribution plan and they never change it, never rebalance it over a long period of time. They need investment advice."
That means the two senators — along with many other lawmakers and industry groups — are keeping a close eye on twin proceedings at the
Each of those proceedings has prompted objections from various corners of the industry and some members of
"We are looking at the current challenges between the
Among the other issues the senators are considering are new provisions to further strengthen automatic enrollment in retirement plans, new tax incentives for retirement saving and financial literacy education.
The IRI recognized Cardin and Portman with its 2013 Champion of Retirement Security award at Wednesday's luncheon.
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