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PSCA Executive Reports

December 20, 2018

Retirement Proposal

Rep. Jim Himes (D-CT) and Sen. Mark Warner (D-VA) are seeking input on a joint proposal to create universal lifetime retirement savings accounts called Portable Retirement and Investment Accounts (“PRIA”).

This proposal is distinct from the similarly-titled H.R. 6990, the Portable Retirement and Investment Account Act, introduced by Rep. Himes in November. In a white paper, the lawmakers explain the benefits of establishing a retirement savings account for every American at birth that would follow the individual for life. The accounts would be administered by an independent board that would competitively award management contracts. The default investment, PRIA Basic, would be a target date fund targeted to the year the participant attains age 67. As desired, participants could opt into PRIA Choice, which would offer a limited number of low-cost investment options. The proposal aims to ease portability, facilitate “abandoned” account consolidation, and promote savings for every American. The proposal does not contemplate replacing the existing employer-sponsored system. Comments are due by January 11, 2019 to PRIA@warner.senate.gov and mark.snyder@mail.house.gov.

PSCA expects to offer comments regarding this proposal. Feel free to voice any concerns or comments you have to Jack Towarnicky at jtowarnicky@usaretirement.org.

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