ms. greszler and ms.hilarducci are assigned to different things but you made the point the lowest portion that's have the hardest time. but you mentioned that your statistic, i wrote it down, 50% of those just getting by has decreased by one half 1%. that income was 123% of pre-retirement income. so, can you respond and i'll ask you to respond. >> yes i would love to we heard some widely different statistics here. the difference is looking at survey basic data which address asks-b individuals whether incoe is versus administrative data suchda as irs tax records of people have actually reported on their taxes. economists will tie the irs data is the most accurate for multiple reasons first of all you are less accurate to lie on your taxes about the way the survey did is ask things like a fine contribution plan you might not take a regular amount out every month will not show up. there've been studies done shown that median female and retirement looks like she is 45% less income than she actually does based

ms. greszler, you almost nailed your five minutes. i must compliment you. now i have the pleasure to introduce mr. eric stevenson, the president of retirement solutions at nationwide come bring you more than 17 years of experience having joined nationwide in 2006. he holds his bachelor of business administration and finance from university of oklahoma and masters of business administration degree from northwestern university. he is responsible for overseeing nationwide retirement plans operation and delivering workplace solutions for plan sponsors and participants. mr. stevenson, welcome back to the u.s. senate and thank you for being here. >> good morning and chairman desantis, ranking member cassidy and members of the committee, thank you for convening today's hearing to discuss the nation's retirement system and how we can better meet the needs of america's workers and retirees. as a speech of my neighbors eric stevenson, i'm president of nationwide retirement solutions nationwide mutual insurance co-pay, , a fortune when it come based in columbus, ohio.

ms. greszler, that your statistic come of our deck and 50% of those just getting pie by has decreased by one half percent of that income is 120% of pre-retirement income. so can you respond going to ask you to respond? spread love to because we've heard some widely different statistics here. the difference is looking at survey-based data which just asks individuals what your income is versus administrative data such as irs tax records, what people have actually reported on their taxes. .. >> so you'll see in page three of my testimony here, there's a study that's using the irs panel data and 123% replacement at the median, 93% replacement. so most people on their tax records appear to have significant income in retirement. >> can you >> can you respond to that? >> that study is old. the cps has been corrected for that. i use a much more expensive study from the university of michigan that looks at what happens when people live their lives after they filed other taxes, went through life course and on the verge of retirement how much they have, that's been double-checked with irs data admi