Titus probes retirement security

By Lisa Mascaro

Tuesday, Feb. 24, 2009 | 5:12 p.m.

WASHINGTON - As workers watch their 401K savings nosedive with the economy, Rep. Dina Titus today said Congress must consider reforms to protect retirement nest eggs.

Titus comments came as the House Education and Labor committee today held a hearing looking into retirement security. Titus serves on the panel.

"We must take action soon to create reforms that will help restore savings for Nevadans nearing retirement, that will help Nevadans save for a secure retirement, and that will safeguard Nevadans’ savings against any future economic crises that may befall us," Titus said in a staement submitted to the committee.

As 401K plans have grown in popularity they have become the primary mode of retirement savings among many workers.

But workers are watching their savings take a substantial hit as the stock market tumbles.

Committee Chairman George Miller of California said the economic downturn has drained trillions of dollars from 401K accounts.

“As we work to preserve and strengthen 401(k)s and the other legs of the retirement savings stool, we must also tackle these difficult questions about the state of our nation’s retirement system as a whole and look to see whether we need to create a retirement system that works for all Americans, not just the fortunate few,” said Miller in a statement.