i'm dan doonan exec director. where a nonpartisan nonprofit think tank in washington, d.c. and we have five membership-based financial service plan sponsors, labor unions and nonprofits including aarp. caucuses may progress to address america's retirement crisis. the secure active secure to put over steps in the right direction. however, much work remains to ensure americans can be self-sufficient in retirement. key points i like to make today our first americans to face an alarm retirement saving shortfall. second, the move away from pensions is a a major call ine nation's retirement crisis. a 401(k) plan are an important part of the retirement equation. they which is not designed to replace pensions. and third, today's pension designs and management can be beneficial for employers,, workers and the economy more broadly. pensions for the most economically efficient way to deliver retirement income and the offer workforce advantages to employers. pensions are paid at more than $600 billion in 2020 supporting $1.3 trillion in economic activity. and pensions of course our use

dan doonan. >> mr. cassidy would like to address your witness?> i like to introduce rachel greszler hose work to focus on retirement labor policies to rebut economic growth, individual freedom and well-being before joining heritage she was a senior economist. his congressional joint economic committee. show the bh economicsc universiy of mary washington as well as master's degree in public degree in georgetown. welcome rachel greszler we appreciate you being here and look for it your testimony. >> thank you for the opportunity to be here this morning. in my testimony i like to look at the current state of americans retirement security and also discuss the failure of certain defined benefit pensions. older americans financial well-being is strong by historic standards. s shareholder americans with no retirement savings filter 12% in 2022. even after excessive inflation is eaten away the value of american savings retirees real income arere up over 30% over te past 35 years. importantly the lowest earners have the highest replacement rates in retire

. >> thank you very much, our next witness will be dan doonan with the executive director of the national institute of retirement security, more than 20 years of experience working on retirement issues. thanks a lot for being with us. >> thank you. chairman, sanders, ranking cassidy i appreciate the opportunity to testify,m executive director of us inner and we are nonpartisan, nonprofit think tank in washington, d.c., financial service companies, plan sponsors, labor unions and nonprofits including aarp. congress has made progress to address america's retirement crisis, secure act and secure act 2.0 were steps inhe direction, however, much work remains to ensure that americans can be self-sufficient in retirement. key points i would like to make, americans do face shortfacility. 401kk plans are an important part of the retirement equation, they were just not designed to replace pensions. and third, today's pension designs and management can be beneficial for employers, workers and the economy more broadly. pensions are the most economically efficient way to deliver retirement income and