defined contribution retirement plans DC plans Roadmap for Improving U.S. Retirement Savings: Make it Easier Read: Employers would not be fiduciaries in Open MEPs Expanded access to employer-sponsored retirement plans

Encourage MEPs by eliminating the next requirement and one bad apple rule whereby a defect by any one employer in the MEP disqualifies the entire MEP
Reduce reporting and disclosure requirements, including simplifying Form 5500 and allowing electronic delivery of disclosures
Offer a modified SIMPLE IRA that small employers can establish with relatively low startup and maintenance costs

Increase employee participation in retirement plans

Adopt a safe harbor rule that facilitates re-enrollment so that existing employees who don't participate in their retirement plan, for example, can be automatically invested in a qualified default investment alternative (QDIA) such as a target date fund
Encourage automatic enrollment of employees and automatic escalation of contributions through a more flexible nondiscrimination 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 or paperwork for this, according to BlackRock.

Improve outcomes during retirement (the decumulation phase)

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

Read: 4 retirement reform bills you need to know about

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What the world's biggest asset manager recommends to boost retirement savings