Jacob Hacker Testifies about Revamped 401(k) Proposal
Financial Week, Oct. 29, 2008 by Doug Halonen
http://www.financialweek.com/apps/pbcs.dll/article?AID=/20081029/REG/810299989/1036
Jacob S. Hacker … said the investment default for the universal 401(k) would be a low-cost target-date fund, paid out in annuities at retirement. “In essence, universal 401(k)s along these lines would bring back something close to a guaranteed private pension,” referring to the plan’s annuitization feature, Mr. Hacker said in his testimony.
