Sen. Gordon Smith, R-Oregon, plans to introduce legislation that would automatically enroll all employees in a company's 401(k) plan. Mr. Smith, chairman of the Senate Special Committee on Aging, said today at a Society of Professional Administrators and Recordkeepers conference in Washington that the legislation would "substantially increase participation and savings. The problem we have is that America is a consuming society, not a savings society."
Mr. Smith also held up little hope this year for legislation overhauling the Social Security system. "There is no consensus on how to do it," he said. "Right now, it's in political gridlock."
