Robert 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.

The 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.”

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

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

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

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

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

“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.

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

Some providers inundate participants with useless and irrelevant information.