America's retirement savings plans continue to be vague - minus a moderately high level of participation in 401(k) plans - but the AARP hopes to stir the pot a little.
Working in conjunction with the Brookings Institution's Retirement Security Project and the Heritage Foundation, the AARP's Public Policy Institute has crafted an 11-point plan to help encourage retirement savings, through participant-level gestures and broader institutional notions.
Strengthen the infrastructure for saving
Proposal 5: Federal Backup Insurance for Annuity Products
Proposal 9: Create a Central Website to Connect Employers and Retirement Savings Plan Providers
Employers who wish to start a retirement savings plan for their employees must find a plan administrator. Service providers aggressively market to larger employers, but many employers must seek an administrator themselves, often without the information necessary to compare the fees and levels of service offered by different providers. We propose the creation of central websites where employers can "shop" for retirement savings plan service providers. This will make finding and selecting providers of retirement savings accounts simpler and more efficient, particularly for small employers.