Study calls for retirement savings plan with pensionlike safety
WASHINGTON – Declaring the nation’s private-sector retirement system “broken,” the Center for American Progress is adding its voice to the growing call for a new kind of investment vehicle to shore up retirement security for workers. CAP, a liberal think tank closely associated with the Obama White House, called the current system, which relies increasingly on worker-directed IRAs and 401(k)s,”unnecessarily costly and needlessly risky.” That cost and risk, the center said, could be reduced by adopting retirement plans that combine elements from both traditional pensions — those fast-disappearing benefits that provide retirees a fixed payment for life — and defined-contribution plans such as 401(k)s. Read more.
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