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Plans that wish to offer lump-sum buyouts should be required to provide clear and complete disclosures. These should be in hard-copy form and state the implications of choosing a lump sum.

When retirement plans transfer risk from the plan to others—either by purchasing annuities from private insurers that take responsibility for paying monthly benefits or by offering retirees current

Government workers should continue to have access to defined benefit (DB) plans. 

Modifications to retirement plans or plan formulas should hold harmless current beneficiaries and employees. They should also ensure the retirement security needs of future retirees. 

Policymakers should adopt new and expanded progressive savings incentives. 

Congress should make improvements to the saver’s credit. The credit should be phased out gradually and smoothly as income increases. Income limits for receiving the credit should be increased.

States should establish state-facilitated savings arrangements that will increase employee participation in retirement plans.

Congress should pass legislation establishing an Auto IRA and resolve the technical issues that will allow this vehicle to realize its full potential. 

Policymakers should create and expand supplemental individual retirement savings accounts that would enable workers to accumulate retirement savings in addition to Social Security’s guaranteed bene

Policymakers should encourage measures to increase individuals’ ability to save for retirement.