defined contribution retirement plansDC plansRoadmap for Improving U.S. Retirement Savings: Make it EasierRead: Employers would not be fiduciaries in OpenMEPsExpandedaccess to employer-sponsored retirement plans

• Encourage MEPs by eliminating the next requirement and one badapple rule whereby a defect by any one employer in the MEPdisqualifies the entire MEP
• Reduce reporting and disclosure requirements, includingsimplifying Form 5500 and allowing electronic delivery ofdisclosures
• Offer a modified SIMPLE IRA that small employers can establishwith relatively low startup and maintenance costs

Increase employee participation in retirementplans

• Adopt a safe harbor rule that facilitates re-enrollment so thatexisting employees who don't participate in their retirement plan,for example, can be automatically invested in a qualified defaultinvestment alternative (QDIA) such as a target date fund
• Encourage automatic enrollment of employees and automaticescalation of contributions through a more flexiblenondiscrimination safe harbor that, for example, eliminates the 10%cap on automatic contributions
• Improve portability of plan assets when employees change jobs.There are currently no standardized requirements, processes orpaperwork for this, according to BlackRock.

Improve outcomes during retirement (the decumulationphase)

• Increase access to lifetime income products, such as annuities,in DC plans
• Improve the rollover process to move assets from a 401(k) to anIRA
• Revisit minimum distribution rules for small DC and IRAbalances, which mandate distributions starting at age 70-1/2.BlackRock suggests raising the age for RMD to 75 and eliminatingRMD for IRA balances below a certain amount, such as $250,000.

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