Testimony on Gaps in Retirement Security

This document is about testimony provided to the 2021 ERISA Advisory Council on the significant disparities in retirement security experienced by people of color, ethnic minorities, and women. The testimony highlights how the employer-sponsored retirement system in the US, with its reliance on voluntary participation and individual account plans, has led to large gaps in coverage, participation, and accumulated retirement savings across demographic groups. Factors such as labor market segregation, wealth inequality, and the burden of unpaid caregiving are identified as key contributors to these disparities. The testimony calls for bold policy solutions, including expanded social insurance and mandatory employer contributions, to address the systemic nature of the problem.