A leading progressive retirement academic and the head of one of the world's largest private equity firms are presenting a radical retirement policy in a new report: a national retirement savings plan.
Teresa Ghilarducci, director of the Schwartz Center for Economic Policy Analysis at The New School, and Tony James, president of Blackstone, have issued a report on their proposal: a national plan that they say "ensures every worker a more secure retirement."
The report, "A Comprehensive Plan to Confront the Retirement Savings Crisis," proposes a system of Guaranteed Retirement Accounts (GRAs) for all workers as an alternative to the current system, which it says "favors investments that deliver subpar returns; offers lopsided subsidies for the wealthy; and leaves the vast majority of workers unable to save enough for retirement."
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