Retirement savings from defined contribution plans are important to the economic, work, and financial security of the nation. As these environments change—revealing more diverse employer and worker circumstances and needs—it is important to review and update the applicable rules so that these plans can continue to drive financial innovation, improve retirement security, and provide continued support to employers, workers, and their families.
The ERISA Industry Committee (ERIC) has developed a series of proposals to modernize defined contribution plans. ERIC’s member companies have reflected on the emerging and diverse range of 21st century changes confronting employers and workers. The ideas included in this paper build and improve upon measures that were under consideration in previous Congresses, but importantly, the paper also includes many new proposals designed to improve defined contribution plans to make them more predictable, less complicated, and ultimately more beneficial for employers and workers alike.
Click here to read the paper.