"[It] remains to be seen whether this pilot program really IS different enough -- and sufficiently needed -- to serve a genuine purpose as a missing link in the retirement saving chain.... An executive order ... will be lacking in scrutiny and debate, [have] little opportunity for refinement, and [have] no history to help in its interpretation and execution. The extensive body of U.S. retirement plan law and regulations did not have origins as a state-of-the-union surprise. As imperfect as this body of law might be, it can never be characterized as arbitrary, unilateral, or as legislating by decree."

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