"In another proposed change, President Obama's 2010 budget calls for the future establishment of a program in which all workers would be automatically enrolled in employers' retirement plans. Now, in most cases, they must opt in to participate. Also under the administration's plan, employers that don't offer a retirement plan would be required to enroll their employees in a direct-deposit individual retirement account. Employees would be able to opt out of either approach."I could be wrong but don't we already have a plan like this, that is currently bankrupt, called social security? The only difference I see is the option to opt out? I think a easier solution would be to allow us to opt out of SS now. I would be up for opting out of SS, because I am 100% sure that I could take the 6.20% that I give every pay check and invest in something I would actually see one day.
"The 401(k) has become the primary savings vehicle for 60% of workers but has been under scrutiny as workers lost $2 trillion in the market downturns, including traditional pension plans."Look I agree that there should be some scrutiny behind a 401k. The individual needs to look at the plan and I don't think the government needs to have a hand in any part of my retirement or investments. They were not saying that when people were making money at 8-12% year? Everyone should have learned with Enron that you should be diversified and not have everything all in one company. I am willing to take a strong look at my 401k plan and determine personally, what I need, to make sure I have a nice egg for retirement. If someone decides not to participate in a 401k, they can just save or invest in other areas they seem fit. My grandfather never had a 401k, what he had was a saving account, and he saved enough money that he could retire and play golf everyday.
"Ed Ferrigno, of the Profit Sharing/401(k) Council of America, an industry group, said one fear is that more regulatory requirements will increase costs, and thus reduce services, for workers."