"[According to Blackstone president Hamilton E. James,] 401(k) plans are too easily tapped into and even when they are left alone, their returns over the long term suffer because of poor performance and steep fees charged by fund managers.... Mr. James and [New School economist Theresa Ghilarducci] propose that workers and employers be compelled to contribute to a so-called guaranteed retirement account, or G.R.A., which would be independently managed by an investment firm or pension fund manager. Everyone would be required to contribute, with existing retirement plans rolled into the new account. Employers would also have to participate."

MORE >>