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Putnam Investments CEO Calls for Sweeping Retirement Reform

May 18, 2009

ROBERT L. REYNOLDSRobert L. Reynolds, President and Chief Executive Officer, outlined a sweeping retirement reform agenda in Washington, D.C. before an audience of the nation’s 401(k) industry leaders, retirement plan sponsors, and mutual fund executives.

Jeff Carney talks with David Asman on Fox Business

May 12, 2009

Jeff Carney_David Asman_SCREENSHOTThe Senior Managing Director and head of Global Marketing and Products at Putnam Investments Jeff Carney said, “We’ve been in the business for a number of years. We’re bringing new, innovative solutions to what we’ve just experienced in the market place. The Defined Contribution system has evolved and gotten better and better over the years to serve both the plan sponsors and, more importantly, the participants.”

Help Small Businesses Offer Retirement Savings Plans

May 11, 2009

75 million American workers still lack any access to workplace retirement savings plans.

Give Tax Incentives for Investing in Lifetime Products

The decision to give up some control of assets is hard for many people to make and needs incenting.

Encourage Employers to Match Worker Contributions

Employers have little incentive to match workers’ contributions to 401(k) plans, and many are, in fact, canceling or reducing company matches.

Offer More Alternatives

Alternative investment strategies are offered on only a limited basis in many 401(k) plans, depriving workers of valuable solution strategies.

Require “Retirement Paycheck” Option

90% of plan participants are interested in embedded options to provide protected and insured lifetime income.

Mandate Automatic Enrollment

“Auto-pilot” 401(k) plans work: 90% of auto-enrolled employees have stayed in their plans. But, since “auto-pilot” provisions are optional, many employers have not adopted them.

Free Up Employers to Give Retirement Advice

Employers are concerned about their liability if they offer employees access to advice or guidance.

Say it in Plain English

Some providers inundate participants with useless and irrelevant information.