Daily Local News (West Chester, PA)
Vanguard backs Senate bill
A bipartisan bill, The Receiving Electronic Statements to Improve Retiree Earnings, or RETIRE, Act, was introduced in the U.S. Senate as a counterpart to H.R. 2656 in the U.S. House of Representatives.
In response, Martha King, Vanguard Managing Director and Head of Vanguard Institutional Investor Group, issued the following statement:
“The RETIRE Act supplements the incredible progress made in the defined contribution system, and will enable more retirement savers to benefit from the vast qualitative, interactive, and cost benefits of 21st century technologies. By making electronic delivery the default, the RETIRE ACT will provide access to more digestible, customized, and timely information and education for many more of the 90 million Americans currently saving for retirement via defined contribution plans.
“Moreover, this legislation paves the way for continued cost reductions in DC plans – an estimated $200 to $500 million in aggregate savings annually – that could be passed on in the form of lower expenses for retirement plan investors,” King said.
Vanguard, based in Tredyffrin, is one of the world’s largest investment management companies.