ERIE, Pa., May 4 /PRNewswire-USNewswire/ -- Today, AARP joined U.S. Representative Phil English (R-PA) as he announced bipartisan legislation designed to help workers save for retirement. H.R. 2167, the Automatic IRA Act of 2007 would allow the nearly 75 million American workers who don't have access to an employer-sponsored retirement plan to save for retirement through automatic payroll deposit individual retirement accounts (IRAs).
"AARP is pleased that Congressman English has introduced important legislation that will provide a savings option for millions of hard-working Americans currently without access to an employer-sponsored retirement plan," says Estella Hyde, a member of AARP Pennsylvania's Executive Council. "A lack of savings shadows millions of Americans in their later years and limits the American dream. This legislation would aid those Americans."
Business, government and individuals all have a part in fostering retirement security. According to this year's AARP Retirement Security Survey, nearly eight in 10 AARP members said they agreed that employers who do not offer some type of retirement plan should be required to offer workers the option to regularly save a part of their paycheck, regardless of whether the employer contributes to the account.
"The legislation we are discussing today will help to give people a convenient, practical and effective way to save. Enacting an auto IRA is one of the most important next steps we can take to help Americans build a secure retirement," adds Hyde.
AARP remains hopeful that Congress and the White House will act promptly to improve the opportunities for America's workers to save for a financially secure retirement.
The companion bill was introduced recently in the Senate by Senators Jeff Bingaman (D-NM) and Gordon Smith (R-OR).
Contact: Angela Foreshaw, 267-825-9922
AARP Pennsylvania
CONTACT: Angela Foreshaw of AARP Pennsylvania, +1-267-825-9922
