Senator Jeff Bingaman (D-NM)
The Pension ProSave Act
Senator Bingaman's Pension ProSave Act would create a clearinghouse for individual pension accounts and would encourage employees to make retirement contributions by facilitating pension portability, preserving and significantly increasing retirement savings, and simplifying pension law. The clearinghouse is modeled after the highly successful Teachers Insurance and Annuity Association-College Retirement Equity Fund (TIAA-CREF), the largest private pension system in the world. Pension ProSave would not replace existing pension programs, but supplement other programs to increase pension coverage. The proposal targets uncovered workers in the small business and other sectors, who otherwise might have little or nothing to supplement their Social Security benefits.
