From the summary:
The topic of the Committee’s hearing today, “Saving Smartly for Retirement: Are Americans Being Encouraged to Break Open the Piggy Bank?”, reflects the dual aspect of this issue. Effective policy needs to focus both on saving — the accumulation of assets — and on the preservation of those assets to provide security in retirement. In fact, these two objectives are, to some degree, at odds with one another.
Accordingly, our testimony consists of two parts. First, as the Committee has requested, we address the issue of preservation of savings in 401(k) and similar employer-sponsored retirement plans (pages 2-14, below). Our testimony on this topic seeks to place the issue in a broader, relevant context; briefly summarizes certain recent efforts to limit pension “leakage,” and offers a number of recommendations.