Nov/Dec 2021 RMM

Some states are trying to fix this coverage gap in the absence of substantial progress by the federal government in solving the problem. In the past year alone, Maine, Virginia and Colorado have passed bills requiring private employers without a retirement plan to automatically enroll their workers in IRAs, with workers allowed to opt out. New York City, which is more populous than most states, approved its pro- gram in May. And other states are either starting to imple- ment programs or looking at their options. Auto-IRAs are already up and running in California, Illinois and Oregon, where a total of nearly 360,000 workers have saved more than $270 million so far. The programs are run by a private sector administrator and investment manager. Read the full article at bit. ly/3Bkg99E . Finance Committee Examines Opportunities On July 28, the Senate Finance Committee held a hearing to examine ways Congress can build on biparti- san retirement legislation. Brian Graff, CEO of the American Retirement Association and executive director of the National Association of Plan Advisors (NAPA), cited projections that enactment of new legislation could create 51 million new individuals saving for retirement and add an additional $6.2 trillion in retirement savings over a ten-year period. The hearing, titled “Building on Bipartisan Retirement Legislation: How Can Congress Help?,” helped set the stage for action in the coming months on bipartisan retirement security legislation that builds on the 2019 SECURE Act. “I hope this hearing is a launching pad for the committee to develop another bipartisan retirement package in the months ahead,” said committee chairman Sen. Ron Wyden (D-OR). Ranking member Mike Crapo (R-ID) expressed similar support for bipartisan retirement legislation, but he noted that Congress should also make it easier and cheaper for small businesses to offer retirement plans for their employ- ees. He also noted, “Our economy is constantly evolving. People are working longer, workers are changing jobs more often and the number of “gig workers” is on the rise. Our retirement system must adapt with this changing landscape, so every worker has a chance to save for a secure retirement.” Watch the hearing at bit.ly/3t0dVJH . And now you’re up to date. LET US KNOW WHAT YOU’RE TALKING ABOUT. This forum is the place for readers to share their opinions with fellow colleagues about the direction of the reverse mortgage business and other retirement trends. Submissions should be limited to 100 words or less and submitted to Associate Editor Darryl Hicks, at dhicks@dworbell.com . REVERSE MORTGAGE / NOVEMBER-DECEMBER 2021 11