12/11/2015 – Pushing Aside 401(k)’s for Mandatory Savings Plans (The New York Times)

Dec 11, 2015 Comments Off by

Tony James and Teresa Ghilarducci are unlikely allies. He is president of Blackstone, the giant private equity firm; she’s a labor economist who has long advocated replacing 401(k)’s with a universal, federally managed saving plan.But the two have teamed up to push what they are calling Guaranteed Retirement Accounts, a government-sponsored plan that would require participation and contributions from any employer without its own 401(k). They both view the 401(k) defined contribution retirement system as a faulty experiment that covers too few workers, generates inadequate savings and replaces too little income in retirement.

Read the full article in The New York Times. 

Financial Landing 2015

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