It has been 4o years when Jimmy Carter was president since a federal commission has conducted a survey as extensive as the one (Federal Retirement Commission Act) reintroduced on May 14, 2019 by Sens. Todd Young (R-IN) and Cory Booker (D-NJ). The commission would be made up of the Secretaries of Treasury, Labor and Commerce, two presidential appointees, six U.S. Senate appointees and six U.S. House of Representatives appointees.
These members of the commission would perform a review of the following:
- private benefit programs in the U.S., with a focus on moving from DB to DC models (the solo 401k plan falls under the DC model);
- private retirement coverage, individual and household accounts balances, investment trends, costs and net returns, and retention and distribution during retirement;
- societal trends – including wage and economic growth, small business challenges, gig economy and health care costs – that could lead future generations to be less financially secure in retirement; and
- other countries’ retirement programs.
The commission would then review private retirement benefit programs and then submit a report to Congress to recommend on how to improve private retirement security.
