{"database": "press", "table": "releases", "rows": [["https://www.scott.senate.gov/media-center/press-releases/scott-toomey-meijer-introduce-legislation-to-bolster-americans-retirement-savings/", "Scott, Toomey, Meijer Introduce Legislation to Bolster Americans\u2019 Retirement Savings", "2022-09-29", "2022", "2022-09", "Republican", "Senate", "SC", "Tim Scott", "S001184", "www.scott.senate.gov", "timscott", "https://www.scott.senate.gov/media-center/press-releases/jsf/jet-engine:press-list", "scraper", "WASHINGTON \u2013 U.S. Senators Tim Scott (R-S.C.) and Pat Toomey (R-Pa.) and U.S. Representative Peter Meijer (Mich.-03) today introduced the Retirement Savings Modernization Act to bolster Americans\u2019 retirement savings by allowing workers to diversify assets included in defined contribution plans, such as 401(k) plans. This legislation will amend the Employee Retirement Income Security Act of 1974 (ERISA) to clarify that private sector retirement plan sponsors may offer plans, including both pensions and 401(k)s, that are prudently diversified across the full range of asset classes.\n\nSince 1982, pension plans have incorporated exposure to asset classes outside of the public markets, such as private equity and real estate. Even though they are covered by the same law, 401(k) plans almost never incorporate exposure to alternative assets due to fiduciaries\u2019 anticipated litigation risk.\n\n\u201cInflation has eroded and devalued the savings many Americans spent their lives accumulating,\u201d said Sen. Scott. \u201cThis bill would modernize retirement plans to ensure they can provide diverse investments with higher returns. American workers and their families deserve to go about their lives with peace of mind, knowing their hard-earned money will be secure when they choose to retire.\u201d\n\n\u201cWith inflation at record highs, a stock market downturn, and a potential recession on the horizon, many Americans are rightfully concerned about their financial future,\u201d said Sen. Toomey. \u201cOur legislation will provide the millions of American savers invested in defined contribution plans with the option to enhance their retirement savings through access to the same wide range of alternative assets currently available to savers with defined benefit pension plans. This reform will open the door to higher returns and a more secure retirement for millions of Americans.\u201d\n\n\u201cAmericans deserve flexibility with their retirement options, especially in times of fiscal uncertainty,\u201d said Rep. Meijer. \u201cIt is past due for retirement plans to reflect the demands of the modern workforce, and the Retirement Savings Modernization Act takes a necessary step towards that. With this bill, Americans can better prepare for retirement, and I am proud to join my colleagues in the both the House and Senate in introducing this meaningful legislation.\u201d\n\nBackground:\n\nUntil the 1970s, most Americans working in the private sector relied on pension plans for retirement. Today, the vast majority of private sector workers rely on 401(k) plans. However, pension plans have consistently outperformed 401(k) plans because they diversify across the full range of asset classes, putting one of every five dollars in alternative asset classes like private equity. A recent Georgetown study estimated that 401(k) plans diversified with a modest allocation to alternative asset classes\u2014private equity, hedge funds, and real estate\u2014would increase American workers\u2019 retirement savings by 17% per year and reduce losses in a downturn.\n\nThe Retirement Savings Modernization Act will:\n\nClarify that plan fiduciaries may select investment options that include a range of asset classes, including private equity. Nothing in ERISA currently limits the asset classes that may be included in a plan; this amendment makes clear that Congress intends to let investment professionals determine the appropriate range of asset classes.\n\nProtect ERISA\u2019s fiduciary standard. A unanimous U.S. Supreme Court has affirmed that ERISA\u2019s fiduciary duties are \u201cthe highest known to the law.\u201d Fiduciaries must still select investments through a prudent process, and the bill explicitly does not create a safe harbor from a fiduciary\u2019s legal duties.\n\nPromote the prudent diversification of retirement savings plans. The bill does not require that plan participants have access to specific asset classes, but it provides fiduciaries with the tools to better ensure diversification.\n\nRead more about the bill from Roll Call.\n\nFor full text of the bill, click here.\n\n###", 1, "2026-03-30T01:40:41Z", "2026-04-06T18:29:59Z"]], "columns": ["url", "title", "date", "year", "month", "party", "chamber", "state", "member_name", "bioguide_id", "domain", "scraper", "source", "date_source", "text", "has_text", "collected_at", "updated_at"], "primary_keys": ["url"], "primary_key_values": ["https://www.scott.senate.gov/media-center/press-releases/scott-toomey-meijer-introduce-legislation-to-bolster-americans-retirement-savings/"], "units": {}, "query_ms": 1.2516200076788664, "source": "dwillis/congress-press", "source_url": "https://github.com/dwillis/congress-press", "license": "MIT", "license_url": "https://github.com/dwillis/congress-press/blob/main/LICENSE"}