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8/25/2014: A New DC Plan Proposal to Replace the Current Patchwork System (Russell Olson and Douglas Phillips, via Pensions & Investments)
"We recommend legislation that will create a single private DC system that can cover all working Americans with a single set of rules. A key part is that all employers who currently deduct payroll taxes -- unless they sponsor a defined benefit plan -- would be required to arrange for payroll deduction of a percentage of each employee's pay to be contributed to a trusteed retirement fund.... Sponsors of these TRFs would be trustees, with fiduciary responsibilities. Each TRF would have a trust deed, a published investment strategy and annual audits. The strategy would specify the fund's objectives, the broad diversification of its investments, its level of risk and its fee structure."
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