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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