The need to make workplace retirement plans portable and more accessible emerged as one of the top themes in a spirited roundtable discussion the Department of Labor hosted Monday in New York with legislators, labor leaders, investment fund managers, educators and other industry stakeholders.
"Every single American worker should be able to retire with security," Labor Secretary Marty Walsh said. "No one should have to worry about outliving their money and living in poverty for the rest of their life."
The roundtable was the first in a series of discussions that the Mr. Walsh and his representative for pensions and retirement, Kathleen Kennedy Townsend, plan to host throughout the country on how to build better retirement security for the nation's workers.
Many of the speakers lamented the shift in the private sector to defined contribution plans, saying that only 16% of private-sector workers today have pension plans. In the public sector, the percentage of workers having a pension plan is still high at 86%.