A Washington, D.C.-based policy think tank says that it plans to issue recommendations designed to improve retirement security early next year.

Following a U.S. Senate Finance Committee hearing Wednesday, the Bipartisan Policy Center’s (BPC) Commission on Retirement Security and Personal Savings issued a statement, saying, “Over the next few months, we will examine and model potential reforms to improve the ability of U.S. workers to retire with dignity and financial security. The commission will release its final recommendations in the spring of 2015, which we hope will mark the beginning of a year of action on these vital issues for the American public.”

The committee notes that the Employee Benefits Research Institute projects that over 40% of baby boomers and generation X will run short of money in retirement. “Public policy can and should help to change this trajectory,” it says.

It notes that several U.S. senators have put forth legislative proposals that could help bolster retirement security, including possible reforms to Social Security, and new incentives for small businesses to offer workplace retirement plans. “We are encouraged by these initial efforts and believe that building bipartisan momentum is the next step,” it says.

“With baby boomers quickly entering retirement and millennials anxious about their savings prospects as they join the workforce, our nation can’t afford to keep punting these issues down the road. We stand ready to work with Congress and the administration to ensure that America’s families are on the right path to retirement security,” the committee says.