ONE SINGLE RETIREMENT PLAN
Retirement planning is a core issue that Millard has identified in his congressional campaign, declaring on his website that "the retirement crisis is the biggest problem in this country not being talked about." He warns that the current "alphabet soup" of retirement plans — 401(k) plans, 403(b) plans, Simple IRAs and the like — is confusing and poorly serves middle-income savers.
"I would like to see a single, simple, unified, universal retirement savings plan that everyone can participate in," he says, promising to introduce legislation to that end if elected. Such a plan would be easily transferable as workers change jobs. Companies would have the option to set their matching terms under Millard's proposal, which would create a market environment in which job seekers could evaluate prospective employers partly on the attributes of their retirement programs.
At the same time, Millard acknowledges that, by design, his plan is not yet "fully formed." He is not looking to barnstorm Capitol Hill as a freshman congressman with a ready-made agenda. If elected, he says, he would start in listening mode, working through committee assignments with more tenured members of the chamber — on both sides of the aisle — to build coalitions and translate his ideas into legislative action.
A strong supporter of the Department of Labor's fiduciary rule now under fire from congressional Republicans, Millard says he might support legislation to empower the SEC to collect user fees to fund a more rigorous examination regime for investment advisers.
