Consumer Agenda for Retirement Security

Initiative # 3: Improve retirement savings plans 

Despite creating attractive new personal tax incentives for owners and managers of business to adopt and expand retirement plans for employees, the level of plan participation has stagnated for the past quarter-century.  There are measures that can be taken to create new retirement plans, increase the level of participation in existing plans, and increase the rate of return on investments.

A. Require straightforward disclosure of all fees paid by 401(k) plan participants.

B. Eliminate plan fees charged for approval of divorce court orders.

C. Conduct a study on how to provide low-cost annuities for participants in 401(k) plans.

D. Require timely distribution of benefits from 401(k) plans.

E. Study ways of placing limits on the amount of employer stock held in 401(k) plans.

F. Bar potentially conflicted investment advice.

G. Require spousal consent before cash-out of 401(k) accounts and IRAs.

H. Extend and expanding the Saver’s Credit to help lower-income workers.

I. Allow active duty military and National Guard members to contribute to their 401(k)s.

J. Allow caregivers on family and medical leave to contribute to their 401(k)s.

Learn more about the other initiatives in the Consumer Agenda for Retirement Security.

Initiative 1: Promote a more adequate and secure private retirement income system.
Initiative 2: Empower workers to promote their own retirement security.
Initiative 3: Improve retirement savings plans.
Initiative 4: Improve traditional and hybrid pension plans.
Initiative 5: Make retirement plans fairer for workers and their spouses.

Print the Consumer Agenda for Retirement Security [PDF].