Gaps in Retirement Savings Based on Race, Ethnicity and Gender

This document contains the written testimony of Chantel Sheaks from the U.S. Chamber of Commerce. It outlines the Chamber's observations on the retirement savings gaps experienced by women, people of color, and ethnic minorities. The testimony recommends that the Department of Labor update educational materials and resources to better reflect these disparities, encourage the use of pooled employer plans (PEPs) as a lower-cost retirement plan option for small businesses, and provide guidance to clarify the distinction between financial education and investment advice to enable employers to offer more comprehensive financial wellness programs.