{"content":[{"text":"EXECUTIVE SUMMARY","bbox":{"left":0.392353,"top":0.09401,"width":0.21507399999999993,"height":0.015136999999999998}},{"text":"The key points covered in the body of my statement are summarized below.","bbox":{"left":0.176471,"top":0.127712,"width":0.55558,"height":0.015423999999999993}},{"text":"I.","bbox":{"left":0.117647,"top":0.162192,"width":0.012480999999999992,"height":0.015137000000000012}},{"text":"While there is opportunity for improvement, the US retirement system is helping millions \n of Americans achieve a secure retirement.","bbox":{"left":0.176471,"top":0.162192,"width":0.7023190000000001,"height":0.03544}},{"text":"Efforts to strengthen the retirement system should be guided by an understanding of how the current \n system works and the evidence showing that it works well.","bbox":{"left":0.117647,"top":0.212864,"width":0.7455179999999999,"height":0.03587799999999999}},{"text":"•","bbox":{"left":0.147058,"top":0.265595,"width":0.00900200000000001,"height":0.015137000000000012}},{"text":"Relying on the complementary components of Social Security, homeownership, employer- \n sponsored retirement plans, individual retirement accounts (IRAs), and other assets, the \n American retirement system is working for the majority of American workers and has grown \n stronger in recent decades.","bbox":{"left":0.17647,"top":0.265288,"width":0.6811750000000001,"height":0.07693899999999998}},{"text":"•","bbox":{"left":0.147058,"top":0.35908,"width":0.00900200000000001,"height":0.015137000000000012}},{"text":"Assets specifically earmarked for retirement have increased significantly over time and the \n majority of private-sector workers needing and demanding access to pensions as part of their \n compensation have pension plan coverage.","bbox":{"left":0.17647,"top":0.358773,"width":0.678418,"height":0.056332999999999966}},{"text":"•","bbox":{"left":0.147058,"top":0.431959,"width":0.00900200000000001,"height":0.015137000000000012}},{"text":"The flexibility built into the voluntary employer-provided retirement system has led to \n numerous innovations that benefit savers and decreasing costs for retirement plan products and \n services over time.","bbox":{"left":0.17647,"top":0.431652,"width":0.7031,"height":0.05633300000000002}},{"text":"•","bbox":{"left":0.147058,"top":0.504837,"width":0.00900200000000001,"height":0.015136999999999956}},{"text":"The current retirement-savings tax incentives are crucial to the effectiveness of the US \n retirement system and Congress should maintain and strengthen these incentives.","bbox":{"left":0.17647,"top":0.504531,"width":0.633178,"height":0.035878000000000076}},{"text":"II.","bbox":{"left":0.117646,"top":0.555979,"width":0.019932000000000005,"height":0.015136999999999956}},{"text":"Targeted changes building on the strengths and successes of the current national system \n would reduce cost and increase access.","bbox":{"left":0.17647,"top":0.555979,"width":0.6855389999999999,"height":0.035439999999999916}},{"text":"The statement focuses on two proposals under consideration today—\"open MEPs” (H.R. 854) and \n electronic delivery (H.R. 4610)—that would break new ground in improving access to retirement \n savings plans and increasing efficiency within the system.","bbox":{"left":0.117646,"top":0.606652,"width":0.730354,"height":0.05633300000000008}},{"text":"•","bbox":{"left":0.147057,"top":0.679837,"width":0.00900200000000001,"height":0.015136999999999956}},{"text":"H.R. 854 provides a common-sense bipartisan solution to increasing coverage—open MEPs. \n Allowing small employers to participate in a single, multiple-employer ERISA plan—regardless \n of the employer’s industry or any other preexisting relationship with other participating \n employers or the plan sponsor—will reduce administrative and compliance costs and burdens, \n and ultimately improve the availability of retirement plans to employees of small employers. In \n addition, by providing a level of liability relief for investment options offered under the plan, \n small employers would be encouraged to participate in a MEP, while at the same time ensuring \n that plan participants are protected by ERISA.","bbox":{"left":0.176469,"top":0.679531,"width":0.699027,"height":0.15890800000000005}},{"text":"•","bbox":{"left":0.147058,"top":0.860443,"width":0.00900200000000001,"height":0.015136999999999956}},{"text":"The time has come to modernize and make consistent rules for electronic delivery of plan \n information to participants and beneficiaries. The rules for using electronic delivery must be","bbox":{"left":0.176469,"top":0.860137,"width":0.6784560000000001,"height":0.035877999999999965}},{"text":"1","bbox":{"left":0.495098,"top":0.919227,"width":0.009510999999999992,"height":0.015423999999999993}}],"images_bbox":[],"images_bbox_not_text_overlap":[]}