Cong. Mario Diaz-Balart Endorses Ways to Improve Retirement Savings Among Hispan

Cong. Mario Diaz-Balart Endorses Ways to Improve Retirement Savings Among Hispanics

Congressman Mario Diaz-Balart (R-Fla.) today co-hosted a bipartisan press conference regarding a new report released by The Retirement Security Project and the National Council of La Raza (NCLR) which offered suggestions on how to improve Hispanic retirement.

"We need to find ways to strengthen retirement security and how we can encourage more savings in retirement plans like 401(k)s and IRAs," Diaz-Balart said. "As the youngest and fastest growing segment of the American population Hispanics are especially at risk. By empowering Hispanics with the opportunities to improve personal savings now, we can help mitigate many future financial pains.

"This report released today is an especially constructive addition to the current debate [on retirement]," Diaz-Balart continued. "It provides compelling evidence that Hispanics currently are woefully unprepared for retirement as they are far less likely than other workers to participate in an employment-based retirement plan or have any significant private savings earmarked for retirement. As this report indicates, we need to reduce barriers to savings and make it more conducive for people to own their retirement."

The report shows that Hispanics would particularly benefit from improvements to 401(k) plans such as automatic enrollment, from expansion of the Saver's Credit, and from eliminating retirement plans from eligibility requirements for means-tested programs.

"I applaud [House Ways and Means Committee] Chairman Bill Thomas for already considering some of the provisions advocated in this report and hope that he will include them in his comprehensive retirement legislation expected later this year," Diaz-Balart concluded.

http://www.house.gov/mariodiaz-balart/news/2005news/071305_hispanicretirement.htm