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Mark Iwry's Recommends: 'Create a Stronger, More Powerful 401(k)'

"The President has proposed a major expansion of retirement savings coverage.... '[A]utomatic IRAs' would extend the power of automatic enrollment to those employees who don't have access to a 401(k), by letting them use their employer's payroll system as a conduit to channel their savings through automatic enrollment into [IRAs]."

Employer Health Coverage in U.S. on 10-Year Decline

"Nationally, the share of private-sector employers offering coverage fell to about 52 percent in 2011 from 59 percent in 2000 ... Insurance costs increased during the time period, with the average premium for a single employee doubling to $5,081. The average family premium rose 125 percent to $14,447, the report found. Employee take-up of benefits dropped over the study period as well, to 76 percent from 82 percent[.]"

Obama's myRAs Meant as Complement to Employer-Sponsored Plans, Treasury Official Says

"President Barack Obama's proposal for 'starter' retirement accounts is meant solely to jump-start savings by workers not currently with access to employer-sponsored retirement plans, a senior Treasury Department official said during a Senate subcommittee hearing. 'Employees who are eligible for employer plans will not be the target audience for the myRAs. They will have many good reasons to continue participating in those plans instead of myRAs, which will complement and not compete with 401(k) or other employer plans,' [according to J. Mark Iwry, Senior Adviser to the Secretary and Deputy Assistant Secretary (Retirement and Health Policy)]."

Can This Retirement System Be Saved?

"Averting a retirement crisis in the U.S. requires fresh thinking, not to mention political will. Ideas range from a restructuring of Social Security to beefing up employer-sponsored retirement plans to creating a new tier of mandated retirement accounts. Vanguard Group founder Jack Bogle, Senior Adviser to the Treasury Secretary Mark Iwry, former SEC Commissioner Harvey Pitt and others share their thoughts on what needs to be done."