automatic-changing the way america saves

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1、1038JournalofEconomicLiterature,Vol.XLVIII(December2010)EMacroeconomicsandMonetarysuccessfullyextendingautomaticenrollmenttoEconomicsIRAsandannuitiesisnotstraightforward.MarkIwryandDavidJohn’schapterdescribesAutomatic:ChangingtheWayAmericaSaves.theautomaticIRAproposa

2、lingreatdetail.EditedbyWilliamG.Gale,J.MarkIwry,DavidEmployersaboveacertainsizewouldberequiredC.John,andLinaWalker.Washington,D.C.:toofferautomaticpayroll-deductionIRAsiftheyBrookingsInstitutionPress,2009.Pp.viii,270.don’talreadysponsora401(k).Workersatthese$22.95,pa

3、per.ISBN978–0–8157–0278–8.firmswouldhaveaportionoftheirpaycontrib-JEL2010–0046utedtotheIRAviapayrolldeductionunlesstheyOneofthelargestchangesintheU.S.retire-optedout.mentsavingslandscapeduringthelastdecadeThegovernmenthasalreadybeenencourag-hasbeenthewidespreadadopti

4、onofautomaticingemployerstoestablishpayroll-deductionenrollmentin401(k)plans.In2010,57percentIRAs(withoutautomaticenrollment)foroveraof401(k)plansatcompanieswithover1,000decade,butveryfewhavedoneso.Thisisprob-employeesandmorethan$10millionin401(k)ablyduetothetwoprima

5、ryobstaclestotheauto-assetsfeaturedautomaticenrollment(TowersmaticIRA’ssuccess.First,manysmallemployersWatson2010);thatis,employeescontributetolacktheexpertiseandscaletomakeestablishingtheplansbydefaultunlesstheyactivelyoptout.apayroll-deductionIRAcost-effective.Seco

6、nd,Thisisincontrasttothesituationadecadeago,financialcompaniesarereluctanttoservicethewhenalmostall401(k)planshadadefaultofsmallaccountsthatpayroll-deductionIRAsnonparticipation.Therapidspreadofautomaticwouldgenerateunlesstheycouldchargefeessoenrollmenthasbeenabetted

7、byresearchshow-highthatnotonlyearningsbutprincipalmayalsoingthatitgenerateslargegainsin401(k)partici-beeroded.IwryandJohnproposecreatingsmallpation(BrigitteC.MadrianandDennisF.Sheataxcreditsforemployerstocompensatethemfor2001;JamesJ.Choietal.2004)andthelegisla-thecos

8、tsofestablishingautomaticIRAsandcre-tiveencouragementprovidedbythePensionatingafallbackno-frillsIRAinvestmentvehicleProtectionActof