Prudential Retirement announced it is in favor of two pieces of legislation that will expand pension coverage for Americans.

The bills, H.R. 4049 The Automatic IRA Act of 2012 and H.R. 4050 The Retirement Plan Simplification and Enhancement Act of 2012, "are an important step in the right direction to improve retirement security and access to workplace retirement programs for millions of American workers," Prudential said in a statement.

"Prudential continues to be a staunch advocate for helping both large employers and small businesses expand access to tax deferred retirement savings vehicles, including multiple small employer plans and in plan lifetime income options, which are flexible and portable.  These two bills will help ensure that more Americans will have adequate savings and are placed on a more secure path to and through retirement."