As Congress explores ways of making our retirement system stronger, legislators should consider the fixes outlined below. I have ranked these suggestions from 1 to 10 (with 10 being a major impact) based upon how I feel the fix would impact participant retirement readiness:
1. Require "auto" features. Auto enrollment and auto escalation work. Employee education does not. Require all 401(k) plans to auto enroll all participants and escalate their contributions annually.
Impact score: 10. We know this works!
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
