Sens. Hatch, Tester honored by Insured Retirement Institute

Sens. Orrin Hatch (R-UT) and Jon Tester (D-MT) were honored by the Insured Retirement Institute (IRI) with its Champion of Retirement Security Awards for supporting and advancing policies that enhance retirement security.

“IRI applauds Senators Hatch and Tester for their efforts to ensure all Americans have the opportunity to reach a financially secure and dignified retirement,” IRI President and CEO Cathy Weatherford said. “Both Senator Hatch and Senator Tester understand the challenges facing Americans who are preparing for retirement. These leaders have worked tirelessly to promote sound policies to help Americans overcome these obstacles and achieve their retirement goals.”

Hatch, chairman of the Senate Committee on Finance, has sponsored several bills to help people save for retirement, including the SAFE Retirement Act of 2013 (S. 1270), the Affordable Retirement Advice Act (S. 1321), and the Retirement Enhancement & Savings Act (S. 347). These bills would expand coverage of workplace retirement plans, increase access to retirement products, remove regulatory barriers to facilitate retirement saving, and protect access to financial advice.

“I am deeply humbled to receive the Insured Retirement Institute’s Champion of Retirement Security Award,” Hatch said. “Ensuring that our nation’s citizens are able to save and prepare for a secure retirement has long been a top priority of mine. As Chairman of the Senate Finance Committee, I will continue to promote and encourage retirement savings and security. I wish to thank IRI, again, for its years of support in this endeavor.”

Tester, a member of the Senate Banking, Housing and Urban Affairs Committee, has been a strong advocate for expanding access to affordable professional financial advice. He encouraged the Securities Exchange Commission to work with the Department of Labor to develop a standard of care for broker-dealers that applies to financial advice offered to retail investors. Further, among his legislative achievements, he co-sponsored the Senior$afe Act of 2017 (S. 223).

“I’m honored to be joining a long list of folks who have worked hard to help Montanans and all Americans prepare for retirement—whether that’s by passing legislation, or simply teaching people how to save for the future,” Tester said. “A lot of folks are still trying to revive their retirement accounts after the 2008 financial crisis, and around half of Americans don’t have any retirement savings at all. We still have a lot of work to do.”