Can Plan Sponsors Close the Retirement Savings Gap?

This document is about providing recommendations to the ERISA Advisory Council on how plan sponsors can address disparities in retirement savings and household wealth accumulation across different demographic groups. It discusses successful plan design features, communication strategies, and opportunities to further reduce these disparities, such as through automatic enrollment, increasing liquidity without leakage, and facilitating intergenerational wealth transfers. The author, based on his extensive experience as a plan sponsor, consultant and educator, proposes a multi-faceted approach focused on meeting workers where they are rather than singling out specific demographic groups.