With just over a month left in the comment period for theDepartment of Labor’s proposed conflict-of-interestrule, a new paper from the Brookings Institute isproposing policies that would make the potential disruptiveness ofthe DOL’s rule seem insignificant.

In a Hamilton Project paper, the policy group at Brookings thataddresses retirement security, John Friedman, an economist at BrownUniversity, proposes Congress scrap all existing tax-preferredretirement savings plans and replace them with a single plan—theUniversal Retirement Savings Account.

The savings plan would follow workers throughout theircareers, and incentivize employers with a tax creditfor every worker that deferred at least 3 percent of earnings.Deferral rates would increase 1 percent annually, be capped at 8percent, and sponsors’ tax credits would increase accordingly.

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Nick Thornton

Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.