President Trump today signed an executive order directing the Labor Department to promote programs that enhance retirement security and expand access to workplace retirement savings plans for American workers. The order comes as Congress considers bipartisan legislation, which, if passed, would represent the most substantial changes to retirement savings in more than a decade. Prudential has long supported this legislation testifying several times before Congress on the issue of multiple-employer plans since 2012.
The company issued the following statement today responding to the executive order.
“Prudential has a long history of helping Americans achieve financial security—and peace of mind—in retirement. As a leading provider of retirement solutions, Prudential has been committed to working with policymakers to expand access to retirement savings benefits in the workplace. We have long supported policies that would increase sponsorship and participation in Multiple-Employer Plans (MEPs) and are encouraged by today’s action. Prudential looks forward to continuing our engagement with the Administration, federal agencies including the Department of Labor, and leaders on Capitol Hill to promote MEPs and public policies that help Americans save for their retirement years.”