April 02,2015

Press Contact:

Lindsey Held: 202-224-4515

Wyden Applauds Administration Efforts to Improve Retirement Saving

WASHINGTON - Senate Finance Committee Ranking Member Ron Wyden, D-Ore., today issued a statement following the release of guidance from the Treasury Department and Internal Revenue Service (IRS) that will facilitate automatic enrollment in and contributions to 401 (k) and similar retirement plans by improving the process for correcting errors to make it easier for businesses to maintain these plans for their workers:

“These improvements from Treasury and the IRS mark an important step in helping millions of Americans save for a secure retirement,” Wyden said. “Automatic enrollment in retirement plans is a promising method to increase retirement saving. The changes made today will make it easier for small businesses to set up a retirement plan with automatic enrollment features and help more middle-class Americans prepare for retirement.”

Last year, Wyden and several other Democratic members of the Finance Committee sent a letter to the Treasury Department requesting action on this issue. That letter can be found here.