A new policy paper published by Morningstar calls for the creation of a federal retirement savings mandate for workers without access to employer-provided defined contribution plans.
While not a novel idea, it is the first time that Morningstar has officially come out in support of requiring an auto-IRA savings option.
Comparable to several initiatives underway at the state level, Morningstar is not proposing an employer contribution requirement. And workers would retain the ability to opt-out of the IRAs.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
