Press Release
Sally Tibbetts 941.951.6643
Buchanan Examines Retirement Savings
Says Seniors in His District Hurt by Recession
Washington, DC -- Left to right: Stephen Dobrow of American Society of Pension Professionals, Congressman Blaine Luetkemeyer, Congressman Buchanan and Congressman U.S. Rep. Mike Coffman
Washington, D.C. – Congressman Vern Buchanan (FL-13), who represents one of the oldest districts in the country, expressed concern today about the impact of the recession on the ability of seniors to save for retirement. The 13th District Congressman participated in a U.S. House Small Business Committee hearing regarding the difficulty of small business owners to offer and maintain pension plans during the current economic slump.
“I have one of the oldest congressional districts in the nation,” said Buchanan, the only Florida congressman on the Small Business Committee. “I am concerned about the impact of the recession on their retirement security.”
According to the Retirement Security Project, nearly one out of every two workers – or 75 million Americans -- has no employer-sponsored retirement savings plan. Small businesses employ 99 percent of American workers, but the National Federation of Independent Businesses says only 30 percent of small companies offer a retirement plan.
“Today’s economy makes it difficult for small businesses to survive and nearly impossible to provide benefits,” said Buchanan. “We have to consider ways to make it easier and more affordable for small businesses to offer retirement plans to their workers.”
Meanwhile, Buchanan noted that only half of all eligible workers are enrolled in workplace savings plans.
“Preparing for retirement takes planning and saving,” added Buchanan. “Too many Americans have been living paycheck to paycheck and spending every dollar they earn. We have to help the other half of eligible workers work to ensure their retirement security and educate them about available options.”
Witnesses offered several different proposals designed to provide relief to small businesses offering retirement plans to workers. Current Federal law imposes stringent requirements on how employers account for gains and losses in pension plan assets. Given the recent economic slowdown, testimony from witnesses suggested modifying these mandates to give employers some flexibility and more time to account for gains and losses in pension plan assets.
Buchanan was the first Florida Member of Congress to sign the AARP “Divided We Fail” pledge to work in a bipartisan effort to increase access to affordable health care and financial security.