House Votes to Strip Retirement Savings from Millions of Americans

Hardworking Latinos took another hit from the Republican-led Congress this week when the House of Representatives voted to overturn Department of Labor regulations that support state efforts to provide retirement programs to private sector workers.

“We are disappointed that members of Congress have voted against the financial security of millions of Americans. In California alone, the Secure Choice program that was voted into law last year with bipartisan support would help connect 7.5 million workers—half of whom are Latino—to a retirement savings account,” said Eric Rodriguez, NCLR’s Vice President of the Office of Research, Advocacy, and Legislation.

Currently, 40 million Americans have no retirement savings set aside. Of those Americans, 30 million have no access to retirement savings plans though their employer. While seven states so far have implemented plans that would provide retirement options for private sector workers who don’t have them, the House’s vote this week could have a chilling effect on the more than 25 states that are working on retirement plan legislation.

“We hope that the Senate does not make the same mistake in voting to limit worker access to retirement savings opportunities, and instead rejects legislation that stifles innovative state programs that help fill the retirement gap for workers without an employer-sponsored plan,” said Rodriguez.

Latino economic security is now on the line, and we’ll be watching closely as the legislation now makes its way through the Senate.