Improving Americans’ Retirement Outcomes Through the National Savings Plan
A new report from the Center for American Progress Action Fund outlines the organization’s proposal to overhaul the retirement system by establishing a national retirement plan modeled on the Thrift Savings Plan currently open to federal employees and members of Congress. The National Savings Plan (NSP) would enroll all workers without access to a retirement plan at their workplace, and contributions would default into a low-fee fund that adjusts automatically as workers age, according to the report. The report argues that a worker in the NSP would be about 2.3 times more likely to have a secure retirement than a worker with a typical 401(k) plan.