Stevens Discusses Changes We Need, and Don't Need, for 401(k)s
Washington, DC, December 19, 2008 – Paul Schott Stevens, President and CEO of the Investment Company Institute, discussed proposals to modify America’s retirement saving system and unveiled new research on Americans’ attitudes toward 401(k)s and responses to current market conditions at a National Press Club Newsmaker on Friday, December 19, in Washington, DC. In light of losses suffered in the current market turmoil, some policymakers have been questioning the effectiveness of our retirement saving system, particularly 401(k) plans. At the Newsmaker, Stevens released a white paper based on ICI’s exclusive survey research, in which Americans clearly tell Washington that they believe in the 401(k) system and reject proposals to change the tax or investment approach to 401(k)s.
Stevens also discussed ICI’s extensive research—based on the nation’s largest database of 401(k) participants—on how persistent savers recovered from the 2000-2003 market downturn, which until now was the worst bear market since the Depression. He addressed the incoming Obama Administration’s priorities for retirement security, recent moves in Congress to offer relief for retirees, and longer-term priorities such as the need to fix Social Security.
Additional Resources
- Retirement Saving in Wake of Financial Market Volatility (pdf), December 2008
- Stevens Outlines Realistic Reform Agenda for Retirement System (speech), December 2008
- 401(k) Plan Resource Center
