D.C. The United States Chamber of Commerce today praised House action on pension reform to simplify businesses pension process by easing paperwork requirements and streamlining regulations, which will make employer-sponsored pension programs affordable for more business owners, and urged the Senate to follow suit. About half of all workers do not have a retirement or pension plan. Without reform, more workers will be forced to rely on Social Security, which is already facing financial difficulty. It would also raise annual contributions limits on IRA and 401k plans over the next three years. Getting more workers an opportunity to save more money sooner provides the funds to businesses to invest, grow and create jobs.
Savings is the basis for productivity growth that leads to a higher standard of living.
The Chamber called on its grassroots bench strength to urge swift action on pension reform to motivate tens of thousands of businesses across the country to phone, write or lobby their members of Congress. Chamber federation members and non-member supporters have been contacted and urged to support the pension reform bill currently under consideration. The Chamber s grassroots network reaches into every congressional district and cuts across political lines. The U.S. Chamber of Commerce is the world s largest business federation representing more than three million businesses and organizations of every size, sector and region.