[23010]
October 22, 2008
TO: PENSION MEMBERS No. 69-08FEDERAL LEGISLATION MEMBERS No. 15-08
BANK, TRUST AND RECORDKEEPER ADVISORY COMMITTEE No. 32-08
BROKER/DEALER ADVISORY COMMITTEE No. 38-08
OPERATIONS COMMITTEE No. 20-08 RE: ICI STATEMENT FOR HOUSE EDUCATION AND LABOR HEARING ON RETIREMENT SECURITY
Attached is the Institute’s statement for the record in connection with the House Education and Labor Committee’s October 7 hearing on the impact of the financial crisis on Americans’ retirement security. [1]
The statement utilizes Institute research to show that the private employer-based system can withstand financial shock and even flourish in its aftermath, that investors have a demonstrated commitment to long-term savings, and that consistent 401(k) contributors have seen their accounts rebound after bear markets. In times of volatility and turmoil, it is important to maintain and project confidence in the United States’ private retirement system. The statement concludes that it would be a grave mistake to use recent market events as an excuse to dismantle the current retirement system, as some suggested at the October 7 hearing.
Michael L. Hadley
Associate Counsel
endnotes
[1] More information on the October 7 hearing and an archived webcast can be found at http://edlabor.house.gov/hearings/fc-2008-10-07.shtml. The House Education and Labor Committee held a follow-up field hearing in San Francisco on October 22. More information can be found at http://edlabor.house.gov/hearings/fc-2008-10-22.shtml.