Polis joins Messer, Pocan to help Americans better plan for retirement

Press Release

Today, Representative Jared Polis joined Representatives Luke Messer (IN-R) and Mark Pocan (WI-D) to introduce legislation that will help working Americans make more informed decisions about saving for retirement.

After retirement, most members of the workforce will rely on a combination of social security, personal savings, and 401k savings. Unfortunately, nearly 60% of American workers have never calculated how much money they will need to save to live comfortably in retirement.

The Lifetime Income Disclosure Act (H.R. 2317), introduced by Messer and Pocan and co-sponsored by Polis, Dave Reichert (WS-R), and Ron Kind (WI-D), would help ensure individuals have the information they need to make the best decisions about saving for retirement. Under the bill, certain retirement plans, like 401(k)s, would be required to include what's called an "annuity equivalent" on a participant's statement. That means each time you get a document with an update on your retirement savings, it will tell you how much that breaks down to, per month, throughout your retirement.

"Unfortunately, many individuals and couples are retiring without nearly enough savings to last through the course of their retirement because they don't have enough information to make the best decisions," Polis said. "This legislation will give workers and their families the information they need to make wise decisions and boost their retirement savings so they can retire with dignity and respect."

This week, Senators Johnny Isakson (R-GA) and Chris Murphy (D-CT) introduced companion legislation in the Senate (S. 1317).

Supporters of bill include: American Council of Life Insurers, American Retirement Association, Insured Retirement Institute, MassMutual, Pension Rights Center, Prudential, TIAA-CREF and Women's Institute for a Secure Retirement.

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