On Thursday, industry leaders gathered in Washington, DC to discuss the ever-growing retirement crisis older workers are facing. Over time, the retirement system in America has shifted from employers providing pension plans to the onus being on workers to save for their own retirement with 401(k) plans. Furthermore, there are a number of employers that do not offer retirement plans at all, such as small businesses and restaurants. As a result, there are many Americans that do not have any retirement savings, and this issue is felt more acutely amongst people of color. To address this labor issue, the US Secretary of Labor has called on Congress to create an incentive-based federal mandate that requires employers to provide retirement plans for their employees.
See "Many American workers lack retirement savings due to difficulties accessing retirement plan opportunities", Lorie Konish, CNBC, December 2, 2022