Maybe the U.S. should copy what the U.K. is doing with regard to retirement plans.

That’s according to a new brief from the National Institute on Retirement Security, which examined changes that the U.K. made to address its own retirement crisis—a “daunting retirement shortfall” that the British government sought to counter by requiring all employers to automatically enroll their employees in a retirement savings account.

Employers are required to contribute to the retirement plan if an employee participates, although individuals can opt out of participation. In addition, the U.K. also sponsors its own retirement plan—the National Employment Savings Trust (NEST)—so that all employers are able to offer their employees a plan.

Continue Reading for Free

Register and gain access to:

  • 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
NOT FOR REPRINT

© 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.