WASHINGTON, D.C. – The Insured Retirement Institute (IRI) released the following statement from IRI President and CEO Cathy Weatherford following President Obama’s State of the Union address last night:
“We applaud President Obama for his decision to highlight retirement security in his State of the Union address. Focusing on helping Americans save for their retirement years is at the core of IRI’s mission, and the president and his administration have been valued partners in working toward this shared goal.
“The concept put forth by the president last night proposes another savings option for workers without access to an employer-provided retirement plan. These workers would have the opportunity to invest in Treasuries through workplace deductions, and later the assets could be moved into an individual retirement account (IRA).
“The president’s plan also calls for automatic enrollment in IRAs. IRI has and continues to support efforts to increase retirement plan participation and savings by workers within the context of the current retirement system. To that end, the current tax incentives for retirement savings must also be preserved to allow all Americans the opportunity to save and prepare for their retirement years.
“We look forward to learning more about President Obama’s plan for increasing retirement security and to working with the administration to promote retirement savings in America.”