U.S. Senator Bill Cassidy, chair of the Senate Health, Education, Labor, and Pensions (HELP) Committee, delivered remarks during a hearing focused on strengthening the retirement system for American workers and their families. The hearing addressed ongoing efforts to improve retirement savings and ensure financial security in retirement.
Cassidy highlighted bipartisan agreement on the importance of enabling every worker to retire with dignity and financial stability. He noted that most Americans save for retirement through employer-sponsored defined contribution plans such as 401(k)s, which benefit both employees and employers.
He referenced legislative progress made through SECURE 2.0, which received unanimous support from the HELP Committee in the previous Congress. "Congress improved the defined contribution system through SECURE 2.0, which the HELP Committee unanimously supported last Congress. As a result, we are seeing record increased savings rates among Americans," Cassidy said.
Cassidy also mentioned initiatives by President Trump and Secretary Chavez-DeRemer to expand investment options for retirement savers: "In addition, President Trump and Secretary Chavez-DeRemer are advancing pro-worker policies, expanding alternative assets, and promoting a more diversified and secure retirement. Working with a financial advisor, Americans now have access to new investment opportunities to grow retirement wealth."
Despite these advancements, Cassidy emphasized that further action is needed: "But there is more to do. We should build upon our success to further ensure financial security upon retirement. This is a top priority of this Committee."
He discussed several proposals aimed at improving participation in retirement plans:
"SECURE 2.0’s auto enroll provisions helped bring many workers into the retirement system. However, we know that sometimes workers are not able to begin saving immediately. This auto reenrollment provision encourages workers periodically to revisit their financial system so they can begin saving. This will build on what we know works in the system."
Cassidy advocated for measures targeting younger workers: "Second, empower young workers to save for their future. Workers that begin saving from a young age build strong habits and benefit from additional years of saving and compounding interest. With just a simple fix, Congress can help more Americans start saving when they enter the workforce by enabling companies to allow 18-year-olds to participate in retirement plans."
He also called for expanded access to lifetime income products: "Third, Congress should help workers access consistent, secure retirement income by improving access to lifetime income products - which allow workers to own and tailor their accounts to what works best for them rather than having a one-sized-fits-all system."
Cassidy recognized collaboration with Senator Kaine on related legislation: "I’ve worked with Senator Kaine on multiple bills as regards to all of this including the Helping Young Americans Save for Retirement Act and the Auto Reenroll Act of 2025. I thank him for his leadership and collaboration."
The senator also pointed out recent bipartisan bills passed by both chambers: "Earlier this year the Committee and the Senate unanimously passed Senator Hassan’s and my Employee Ownership Act and Senator Marshall and Senator Kaine’s Retire Through Ownership Act. I hope our House colleagues will act quickly to send them to President Trump."
He concluded by stating: "These pro-worker, pro-family policies will support a more productive workforce and stronger economy." Cassidy expressed appreciation for witnesses attending the hearing before yielding time.
For updates from HELP Republicans visit their website or Twitter account at @GOPHELP.
