Reps. Norcross, Walberg Reintroduce Legislation to Improve Retirement Security for American Workers

WASHINGTON, DC – Today, Representatives Donald Norcross (D-NJ-01) and Tim Walberg (R-MI-07), who serve together on the House Committee on Education and Labor’s Health, Employment, Labor, and Pensions Subcommittee, reintroduced the Lifetime Income For Employees (LIFE) Act of 2022. This legislation would allow annuities to be a default in employer-provided 401(k) plans to deliver employees with a steady, guaranteed income during retirement.

“American workers are concerned about retirement and their concerns are not unfounded. Seven out of 10 Americans say they’re living paycheck to paycheck and 80% say they’ll need to work in retirement due to lack of savings,” said Congressman Norcross. “The number of private-sector workers receiving lifetime benefits from a traditional defined benefits pension plan has declined from 60% in the 1980s to only 4% today. As a retired electrician, I know first-hand how important pensions are to workers who rely on them for their retirement. By creating ‘individual pensions,’ this legislation will provide hard-working Americans with a guaranteed income so they can retire with dignity.”

“For too many families, the thought of having enough set aside for their retirement years remains out of reach,” said Congressman Walberg. “Encouraging and increasing access to savings options will help provide workers with greater peace of mind that their income will last throughout retirement. I am pleased to work with Rep. Norcross on this bipartisan effort to help families achieve financial security after a lifetime of hard work.”

A steady drumbeat of studies and analyses paints a dire picture for the retirement of many Americans. Demographics play a large role, as baby boomers retire and people live longer – increasing the number of people and number of years individuals will rely on retirement benefits. The LIFE Act is bolstered by research and analysis that promotes annuities as a policy solution to the looming retirement crisis facing American workers.