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1 i (2020)

handle is hein.cbhear/fdsysbbrv0001 and id is 1 raw text is: AUTHENTICATED U.S. GOVERNMENT INFORMATION EV ER ICAN 4401 N.Fi.xDieISie60 rigoV 20 ~ RETIREMvIENT P O51,30IF735938Iifusrirmtor aeieetor ASSOCIATION Working for America's Retirement American Retirement Association Statement for the Record For the Senate Special Committee on Aging Hearing on Women and Retirement: Unique Challenges and Opportunities to Pave a Brighter Future The American Retirement Association (ARA) thanks Chairman Collins, Ranking Member Casey, and the other Members of the Senate Special Committee on Aging for holding a hearing to examine the unique challenges that women face in retirement. The ARA is the coordinating entity for its five underlying affiliate organizations representing the full spectrum of America's private retirement system - the American Society of Pension Professionals and Actuaries (ASPPA), the National Association of Plan Advisors (NAPA), the National Tax-Deferred Savings Association (NTSA), the American Society of Enrolled Actuaries (ASEA), and the Plan Sponsor Council of America (PSCA). The ARA's members include organizations of all sizes and industries across the nation who sponsor and/or support retirement saving plans and are dedicated to expanding on the success of employer- sponsored plans. In addition, the ARA has nearly 30,000 individual members who provide consulting and administrative services to the sponsors of retirement plans. The ARA and its underlying affiliate organizations are diverse but united in their common dedication to the success of America's private retirement system. Last month, on Women's Equality Day, ARA announced the creation of a Women in Retirement Council to provide stewardship and support of Women's Issues within the organization. ARA has long been a proponent of, and advocate for, women's voices in the retirement plan industry. The Women in Retirement Council was drawn from across the organization's five member associations to help bring focus to the current and future efforts to support and retain women in the retirement plan industry, and highlight the issues confronting women in retirement. Women face a series of interconnected issues that make them distinctly more vulnerable to slip into poverty during retirement. The first challenge is the gender pay gap. In 2018, women earned 85 percent of what men earned according to a Pew Research Center analysis of median hourly earnings of both full- and part-time workers in the United States. According to Pew, one-in-four employed women said they have earned less than a man who was doing the same job; just 5 percent of men said they have earned less than a woman doing the same job. The gender pay gap squeezes the ability of women to save for their retirement. In other words, women earn less so they save less for their retirement. Women are much more likely to face interruptions in their working career due to caregiving responsibilities. According to AARP and the National Alliance for Caregiving (NAC), three in five caregivers are women (61 percent) and two in five are men (39 percent). According to a 2013 Pew Research survey, roughly four-in-ten mothers said that at some point in their work life they have taken a significant amount of time off (39 percent) or reduced their work hours (42 percent) to care for a child or other family member. These interruptions have

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