Putnam’s CEO to Propose Expansion of 401(k) Retirement Plans

Putnam Investments Chief Executive Officer Robert Reynolds plans to urge regulators and investment professionals today to expand workplace retirement plans and make them safer.

Reynolds, in the text of a speech set to be delivered in Washington, proposes mandatory 401(k) enrollment for workers whose employers offer the plan and bigger tax breaks for companies that match contributions. He will speak at an event organized by 401kWire.com, a retirement industry Web site.

The average retirement-account balance sank 30 percent to $58,000 in the two years ended Dec. 31, according to Hewitt Associates Inc., a Lincolnshire, Illinois-based benefits- consulting firm. Investors had $2.7 trillion in 401(k) accounts as of Sept. 30, according to the Washington-based Investment Company Institute, a trade group representing mutual funds...

Bloomberg: Putnam’s CEO to Propose Expansion of 401(k) Retirement Plans