Defined Contribution

Under the legislation, an employer-provided 401(k) must include automatic enrollment and a lifetime income option. If it does not, it must change its plan to do so.

The Grand Canyon Institute, based in Phoenix, said switching employees from a traditional pension plan would likely cause shortfalls as contributions from employees dried up.

Stanger was a primary author of a little-noticed piece of a 1978 tax law.Today, 401(k) is likely the most recognizable number in the Internal Revenue Code.

Some believed the Universal, Secure and Adaptable (USA) Retirement Funds Act of 2014 was the right solution while others felt its approach was too complicated.

State Streets clients include large investment management firms and pension funds.

In fall 2013, 86 percent of households disagreed that the government should take away the tax advantages associated with 401(k) plans and 83 percent were against reducing the amount individuals can contribute to these retirement vehicles.