Take Action

Our retirement system is under attack by misguided policymakers and academics, some of whom want to end important tax benefits for retirement accounts. Click here to email Congress now.

Menu

Historic Support for the System

Throughout history, politicians have built and supported the retirement system we know today.

The U.S. retirement system isn’t some mishmash of policies piled on top of each other over time—it's just the opposite! Policymakers have spent decades painstakingly and expertly crafting a superior system that benefits Americans. From Social Security to ERISA to SECURE 2.0, Democrats and Republicans alike have championed smart reforms to give Americans a secure retirement. Take a look at some of the historic support for the system.

“Under this law, the men and women of our labor force will have much more clearly defined rights to pension funds and greater assurances that retirement dollars will be there when they are needed. Employees will also be given greater tax incentives to provide for their own retirement if a company plan is unavailable.” 
– Former President Gerald R. Ford upon signing the Employee Retirement Income Security Act of 1974 (ERISA) into law

“Not since the passage of Social Security, more than 35 years ago, has the Congress passed legislation more closely designed to provide most of our working men and women with the security and dignity they deserve during their retirement years.” 
– Former Senator Jacob Javits (R-NY) in a 1974 press release praising the signing of the Employee Benefit Security Act of 1974 into law by President Gerald R. Ford

"When you see the rest of the world—when you see the shift in policy in Japan right now—they want 401(k) and IRA-style opportunities in their [retirement] marketplace. They see a huge benefit to the domestic economy and the social safety net to do this. And they’re making an active choice to be like the United States.” 
– Former U.S. Representative Patrick McHenry (R-NC) at the 2024 ICI Leadership Summit

I think it is important to highlight that U.S. defined contribution plans have created a unique reservoir of capital in the innovation economy. Retirement plans are investing in areas such as tech, financial services, digital commerce, and biotech. That means that workers’ retirement assets are directly tying middle class workers to our national innovation economy. That certainly is a win-win for all of us.” 
– U.S. Representative Richard Neal (D-MA)

"This is such a critical piece of legislation that ensures hardworking American families and workers have a secure retirement and more money in their pockets during their golden years. More employees will be able to save by increasing their contributions closer to retirement, and more younger workers will be able to pay off their student loans while also saving for retirements.” 
– U.S. Representative Mike Kelly (R-PA) applauding the passage of SECURE 2.0: Securing a Strong Retirement Act on March 30, 2022

“It’s important not to lose sight of the 401(k) plan’s ability to help workers of all ages, backgrounds, and incomes build retirement nest eggs. As American workers change jobs over their career, DC plans accrue benefits quickly and are inherently good and well-suited to the mobile workforce we see in 2024.” 
– ICI’s Sarah Holden and Peter Brady in 401(k) Specialist