Senators Todd Young (R-IN) and Cory Booker (D-NJ) have introduced the Commission on Retirement Security Act of 2019, legislation virtually identical to the 2018 bill these senators introduced. Its purpose is to create a commission that would advise Congress on issues pertaining to retirement security in the United States. The commission would be charged with reviewing existing private retirement benefit programs and drafting a report to Congress that could be useful to lawmakers in improving retirement security.
The following would be among the areas of focus for this commission.
- Comprehensively review existing U.S. retirement savings vehicles, including the long-term transition from defined benefit pension plans to defined contribution plans
- Take into consideration social and economic changes that have occurred in the U.S.
- Examine alternative retirement programs in other countries that could have value or application in the U.S.
A schedule for consideration of the legislation has not been announced.