Testimony on Gaps in Retirement Savings

This document is about testimony provided to the 2021 ERISA Advisory Council on the significant and persistent gaps in retirement savings between people of color, ethnic minorities, and women compared to their White and male counterparts. The key reasons identified include lack of access to employer-sponsored retirement plans, lower incomes and wealth, higher debt levels, and career disruptions due to caregiving responsibilities. The testimony highlights the need for policy solutions to address these systemic issues and provide more equitable retirement outcomes.