James Choi | Source | Assistant Professor of Finance at Yale SOM
James Choi
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Yale School of Management (https://som.yale.edu/)
Professor of Finance -
Yale SOM
Assistant Professor of Finance
Jan 2005 – Jan 2014
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Four ways to change 401(k) plans for the better
401(k) plans have the spotlight under the proposed tax plans, but not for the right reasons.
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Three Questions: Prof. James Choi on the Future of the 401(k)
Your research helped make the case for automatic enrollment in 401(k) savings. As a result, the Pension Protection Act of 2006 was passed to encourage the adoption of automatic enrollment. What do we know now about the effect of that change? Are people saving more?
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And now: another squeeze on your ability to retire
Americans are not particularly financially literate, and that may be a help to Republicans who are trying to get a tax "reform" package through Congress. We tend not to save for retirements and with the proposed lowering of the contribution limit to $2,400 for 401(k) plans, that's not going to be a situation that'll improve.
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Not everyone has a 401(k) plan, either because they don’t have access to one at work, or they aren’t participating in it (more than 55 million Americans do not have access to such a plan). States are beginning to tackle this issue by creating auto-individual retirement accounts for people without access to a workplace savings program. The problem is that, because these would be state-run plans, they would not be easily movable if someone were to leave the state, and therefore create numerous accounts with small balances.
