WHAT THEY’RE SAYING: Neal’s Automatic IRA Act of 2024

WASHINGTON, DC— At a time when over half of Americans worry about falling short on their retirement savings, Ways and Means Committee Ranking Member Richard E. Neal’s Automatic IRA Act of 2024 legislationwill unlock a proven savings vehicle nationwide, making it easier for small businesses, gig workers, and independent contractors to save. With the growing success of state-sponsored automatic IRAs, expanding to the federal-level will deliver more breathing room to workers and their families.

Here's what key stakeholders are saying:

• AARP
  • “AARP applauds Congressman Neal’s continued efforts to bring the prospect of a more financially secure future to millions of Americans. We look forward to continuing our work together to find solutions to the retirement crisis facing America. The Automatic IRA Act of 2024 will help better ensure more Americans can achieve a secure and dignified retirement.”-- Nancy LeaMond, Executive Vice President, Chief Advocacy and Engagement Officer
• American Council of Life Insurers
  • “Expanding access to employer-based retirement plans is key to improving American workers’ retirement preparedness. Rep. Richard Neal’s ‘Automatic IRA Act of 2024’ does just that, providing even more people with the pathway to a secure retirement. ACLI estimates that more than 31 million workers will gain access to employer-based retirement plans if the legislation is adopted.”-- Susan Neely, President and CEO

• American Retirement Association
  • “The American Retirement Association strongly supports the Automatic IRA Act.  It will significantly increase access to workplace savings programs, particularly in communities of color. Importantly, it achieves this by leveraging the existing public-private partnership that drives the successful 401(k) system providing benefits to over 100 million Americans.”-- Missy Matrangola, Immediate Past President

• Empower
  • “Enactment of this bill would be an historic step forward for the retirement security of underserved populations across the country. I applaud Representative Neal’s vision in developing a private sector-based means of helping millions of hard-working Americans attain the retirement security they deserve.”-- Edmund F. Murphy, III, President & CEO

• J. Mark Iwry, Visiting Scholar, The Wharton School, and former Senior Advisor to the U.S. Secretary of the Treasury for national retirement and health care policy
  • “The Auto IRA Act is the leading proposal to achieve a breakthrough in expanding retirement coverage and narrowing the racial, ethnic, gender, and lower-income savings gap. Already enacted in 15 states, Auto IRAs are working, and are also prompting wider adoption of 401(k)s and other private-sector plans. Enacted nationwide, they will further support and enhance our nation’s private pension system.”

• State Street Global Advisors
  • “Expanding retirement plan coverage is critical to the financial security of all Americans, and Representative Neal’s bill will be a major step forward in enabling more Americans to retire with dignity.”-- Yie-Hsin Hung, President and CEO

• TIAA
  • “The Automatic IRA Act of 2024 provides simple, yet transformative solutions for closing the persistent retirement gaps impacting half of private-sector workers – more than 55 million Americans – who currently lack access to employer-sponsored retirement savings plans. Creation of a federal auto IRA program would help ensure workers’ first step on the path to retirement security no longer depends on their employer or state. Further, the Automatic IRA Act would afford millions of retirees with access to lifetime income options, providing dependable paychecks throughout retirement that reduce the risk of retirees outliving their savings.”-- Thasunda Brown Duckett, President & CEO

• Women’s Institute for a Secure Retirement (WISER)
  • “WISER is cheerleading for the Automatic IRA Act of 2024 - it recognizes the importance of a nationwide automatic IRA that provides the opportunity needed by so many workers who want to take the first step to access a workplace retirement program. Especially will help low-income women who want to overcome that BIG challenge - by promoting easy coverage to start saving and closing their savings gap.”-- Cindy Hounsell, Founder and President