Gaps in Retirement Savings Based on Race, Ethnicity and Gender

This document is the written testimony of John Scott from The Pew Charitable Trusts. It provides an overview of Pew's research on the retirement savings gaps experienced by people of color, ethnic minorities, and women. The testimony highlights the effectiveness of state-facilitated auto-IRA programs in increasing retirement plan participation and savings, and recommends expanding the Saver's Credit as a way to further boost retirement security for underserved groups. It also suggests areas for future research and recommendations for actions the Department of Labor could take to help address these disparities.