Improving Access to Workplace Retirement Plans: A Work in Progress

The Aspen Institute’s Financial Security Program recently held a webinar on retirement planning and wealth generation, highlighting the need for more efforts to improve access to workplace retirement plans. While there have been positive steps taken, such as the enactment of the SECURE Act and SECURE 2.0, there is still more work to be done.

Edmund Murphy, president and CEO of Empower, praised the bipartisan efforts to improve retirement savings for American workers but emphasized that there is still room for improvement. Yie-Hsin Hung, CEO of State Street Global Advisors, also noted the disparities in participation in retirement plans, particularly among women and minorities.

Yemi Rose, founder and CEO of Ofcolor, highlighted the challenges faced by Black Americans in building wealth due to low rates of homeownership and limited access to workplace retirement plans. He stressed the need for short-term solutions to address these issues.

Leigh Phillips, president and CEO of SaverLife, pointed out that the current financial system is not designed to meet the needs of people with low incomes, making it difficult for them to save for retirement. Kathryn Edwards, an economic policy consultant, emphasized the importance of retirement savings as a reflection of how well the economy has treated individuals over the years.

Overall, the webinar underscored the importance of continued efforts to improve access to workplace retirement plans and address the disparities in retirement savings among different demographic groups. More work is needed to ensure that all Americans have the opportunity to save for a secure retirement.