Gaps in Retirement Savings Based on Race, Ethnicity and Gender

This document is the testimony of Monique Morrissey from the Economic Policy Institute. She explains how the shift from defined benefit pensions to defined contribution plans like 401(k)s has exacerbated disparities in retirement savings for workers of color and women. Morrissey proposes expanding Social Security, mandating employer contributions, and reforming the tax subsidies for retirement savings to better serve low- and middle-income individuals.