By Brian Anderson
Source: 401(k) Specialist

That’s how Sen. Bernie Sanders (I-VT), Chair of the Senate Health, Education, Labor, and Pensions (HELP) Committee, kicked off a hearing in Washington Wednesday titled, “Taking a Serious Look at the Retirement Crisis in America: What Can We Do to Expand Defined Benefit Pension Plans for Workers?”

Most speakers during the 90-minute hearing expressed a desire for a shift back to defined benefit pension plans while other speakers, including HELP Committee ranking member Bill Cassidy (R-LA), argued that defined contribution plans are working and must be given a chance to improve further with the help of various provisions in the SECURE Act and SECURE 2.0.

After Sanders and Cassidy concluded their opening remarks, five expert witnesses testified during the hearing before answering a variety of questions from committee members. Here’s an overview of what was talked about, from Sanders’ opening remarks through the testimony of the fifth witness.

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