Should the Government Mandate Retirement Planning?
Whatever the answer, defined-contribution plans will feature in the solution.
My dog had no idea that the world was larger than one square mile.
Neither did I when advocating that the United States replace 401(k) plans with a different version of defined-contribution system, dubbed the New American Retirement Plan, or NARP. That proposal, which called for a single national plan to replace the current Babel of individual company plans, struck me as sweeping. However, my colleague Aron Szapiro, Morningstar's director of policy research, published an article yesterday that changed my view. Revamping only defined-contribution plans, he writes, would be a "piecemeal" approach to retirement reform.