In part one of my interview with National Institute on Retirement Security Director Diane Oakley, I mentioned that the Obama administration is endorsing an automatic IRA. The plan would mandate employers who do not already offer savings plans to provide a government-approved private alternative, with automatic enrollment.
This is in many ways similar to the Affordable Care Act, also proposed in part by the conservative Heritage Foundation, and is a compromise from a more government-involved and subsidized proposal from the Clinton era. It’s now mostly opposed by conservatives and industry groups.
Union support for pensions is broad, but defined benefit plans don’t have a lot of other organizational defenders. I wanted to learn more on the organization’s perspective, so I chatted with Diane Oakley, NIRS’ executive director.