NU Online News Service, June 9, 2004, 4:16 p.m. EDT, Washington – Employers, workers and the government must work together to save the U.S. employee benefit system.[@@]
The American Benefits Council, Washington, an employer group, makes that plea in a new report about the financing problems that cloud the horizon for almost every type of major employee benefit.
“Without decisive action, our nation’s already seriously troubled health and retirement systems are headed for a major crisis,” says James Klein, the council’s president.
The council’s report presents a 10-year plan for benefit system reform.
In a section about retirement income, the council says tax incentives and other incentives should encourage employers and employees to contribute enough to retirement plans to help employees maintain their living standards when they retire.
The council also calls for improvements in financial literacy.