Strengthening Retirement Saving: A Bipartisan Proposal
Tuesday September 14, 2004
10:00 a.m.
304 Cannon House Office Building
Washington, DC
The National Center for Policy Analysis (NCPA) and the Brookings Institution hosted a joint briefing to outline important pension reforms on which both right and left can agree. Empirical research has demonstrated the substantial value of automatic enrollment plans and diversified portfolios in defined contribution pension plans like 401(k)s and 403(b)s. To expand the use of plans with these features, the government should:
* Remove obstacles to the adoption of automatic enrollment plans by clarifying that they are permissible under state labor laws.
* Reform non-discrimination rules to provide preferential relief to plans that feature automatic enrollment and set an adequate minimum contribution rate.
* Encourage firms to offer default investments in appropriate broadly diversified equity and bond index funds, including clarification that such investments satisfy fiduciary standards.
Hear from two leading Members of Congress on the status of pension reform legislation and hear key experts discuss the problems and solutions.
Moderator:
THE HONORABLE PETE DU PONT
Policy Chairman, National Center for Policy Analysis
Panelists:
THE HONORABLE ROB PORTMAN
R-Ohio
THE HONORABLE BENJAMIN CARDIN
D-Maryland
JOHN C. GOODMAN
Ph.D., President National Center for Policy Analysis
PETER ORSZAG, Ph.D.
Senior Fellow, Economic Studies; Co-Director, Tax Policy Center; Director, Retirement Security Project, The Brookings Institution
