12.09.20

Daines: Retirement Security is Critical for Montanans

Urges passage of his bipartisan retirement security bill at Senate hearing

U.S. SENATE – Today, at a U.S. Senate Finance Subcommittee hearing, U.S. Senator Steve Daines stressed the importance of retirement security for Montanans. At the hearing, Daines urged passage of his bipartisan retirement security bill, the “Retirement Savings Lost and Found Act”, to help Montanans hold on to more of their hard-earned dollars and better prepare them for a peaceful retirement.

 

Daines Retirment Security

To download the Senator’s opening remarks click, HERE.

For b-roll of the Senator on the hearing, click, HERE.

 

“Montanans and the American people work hard and save up for decades with the hope of achieving a peaceful retirement - a retirement where folks don’t have to worry about outliving their savings,” Daines said. “But as Americans switch jobs at higher rates than ever before, they are often unknowingly leaving behind their retirement accounts. My bipartisan bill with Senator Warren solves this problem, ensuring people keep more of their hard earned money, by creating a national lost and found registry for retirement accounts…This bill is a win for Montana workers, families and businesses and must be passed into law.”

As Americans leave jobs at a higher rate, a study by an investment management company showed that up to 30 percent of employees left behind some of their retirement savings when they switched jobs.

Daines introduced his bipartisan legislation with Democratic Senator Elizabeth Warren (D-MA). The bill would create a national lost and found registry for retirement accounts using data that employers are already required to report. This will allow former employees to use the online registry to find all of their former employer-sponsored retirement accounts, ensuring no dollar is left behind as they move from one job to the next. 

Background:

On July 2nd, 2020, Daines introduced his bipartisan “Retirement Savings Lost and Found Act” to modernize the retirement system to better protect Americans’ hard earned savings.