ICI urges Congress to maintain 401(k) system

The Investment Company Institute has launched a preemptive strike against efforts by lawmakers to change the 401(k) system, including lowering tax breaks for the plans. "Some policymakers would have us abandon the 401(k) system," ICI President and Chief Executive Officer Paul Schott Stevens said. "But millions of Americans who are saving for retirement through 401(k) and similar plans want nothing to do with that." But Stevens does support "automatic individual retirement accounts" and suggested workers receive more investment advice. InvestmentNews (12/19)