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Rethinking Retirement: Three Steps Employers and Congress Must Take
Robert L. Reynolds, President and CEO, Putnam Investments [Opinion] Aug. 5, 2013
"First, let's aim to make the best practices endorsed by the Pension Protection Act of 2006 the new norm for all workplace savings plans. Let's go 'full-auto': auto-enrollment, re-enrollment annually, auto escalation to higher deferrals, and automatic qualified target date or balanced funds, and protection from litigation, for every workplace savings plan in America.... The second big step ... is to extend some form of workplace savings access to all working Americans. Many of the ideas proposed so far to do this, such as the auto-IRA concept or proposals for simplified 401(k)s, would actually be quite inexpensive for companies to implement.... The third action step we need to take is to lift the bar on savings rates across the workplace savings system from the roughly 7% level we've achieved today to a new baseline of 10%-Plus."
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