Rep. Robert Andrews, D-N.J., today supported four changes to the defined contribution retirement system in the U.S. to bolster confidence and enrollment in DC plans.
Speaking at a BGI-sponsored breakfast in New York, Mr. Andrews who serves on the House Education and Labor Committee and is chairman of the Subcommittee on Health, Employment, Labor, and Pensions said he endorses moves in Congress to provide greater access to independent investment advice for participants in DC plans. He also backed greater unbundled fee disclosure from service providers and the introduction of more conservative investment options for DC plans, such as annuities.
Mr. Andrews also said hed support a universal DC plan for workers not now covered by a retirement plan that would include auto enrollment and a mandated minimum contribution.
I am not looking to uproot or supplant the 401(k) system, but I advocate these changes, Mr. Andrews said.