The chairman of the Senate Finance Committee says it is time to update pension plan rules to ensure greater retirement income security for employees.
“In today's economy, workers are carrying more and more of the load in preparation for retirement. It's time to update our pension rules to help provide greater economic security in retirement — not less,” Sen. Ron Wyden, D-Ore., said in a Tuesday statement released in conjunction with the 40th anniversary of the signing of the Employee Retirement Income Security Act.
As part of its comprehensive examination of the U.S. Tax Code, Sen. Wyden said the Finance Committee will “take a close look at pension and retirement rules … to make improvements wherever they're needed.”
He also said retirement plan issues will be discussed at committee hearings later this fall.