As a leading provider of investment, advisory, and recordkeeping services for defined contribution retirement plans, Vanguard supports efforts to strengthen retirement security.
In the current Congress, we are actively engaged in supporting H.R. 2954, the Securing a Strong Retirement Act, in the House of Representatives, and its companion legislation S. 1770, the Retirement Savings and Security Act, in the Senate. Both bills would help increase retirement security. Among other provisions, they would:
- Allow people to stay invested longer by raising the age for required minimum distributions to 75;
- Increase fairness among retirement plan participants by allowing 403(b) plans to invest in collective investment trusts (CITs);
- Expand automatic enrollment so that more workers will save for retirement; and
- Instruct the Department of Labor to update its regulations so that an investment in a plan that uses a mix of asset classes, such as a target-date fund, can be benchmarked against a blend of broad-based securities market indexes.
Introduced in 2021, these retirement security bills are in the early stages of the legislative process. We continue to work to build support and improve outcomes for investors.