defined contribution retirement plans DC plans Roadmap for Improving U.S. Retirement Savings: Make it Easier Read: Employers would not be fiduciaries in Open MEPs Expanded access to employer-sponsored retirement plans

• Encourage MEPs by eliminating the next requirement and one bad apple rule whereby a defect by any one employer in the MEP disqualifies the entire MEP
• Reduce reporting and disclosure requirements, including simplifying Form 5500 and allowing electronic delivery of disclosures
• Offer a modified SIMPLE IRA that small employers can establish with relatively low startup and maintenance costs

Increase employee participation in retirement plans

• Adopt a safe harbor rule that facilitates re-enrollment so that existing employees who don't participate in their retirement plan, for example, can be automatically invested in a qualified default investment alternative (QDIA) such as a target date fund
• Encourage automatic enrollment of employees and automatic escalation of contributions through a more flexible nondiscrimination safe harbor that, for example, eliminates the 10% cap on automatic contributions
• Improve portability of plan assets when employees change jobs. There are currently no standardized requirements, processes or paperwork for this, according to BlackRock.

Improve outcomes during retirement (the decumulation phase)

• Increase access to lifetime income products, such as annuities, in DC plans
• Improve the rollover process to move assets from a 401(k) to an IRA
• Revisit minimum distribution rules for small DC and IRA balances, which mandate distributions starting at age 70-1/2. BlackRock suggests raising the age for RMD to 75 and eliminating RMD for IRA balances below a certain amount, such as $250,000.

Read: 4 retirement reform bills you need to know about