The modern retirement plan era began in 1974, with passage ofERISA and authorization of Individual Retirement Arrangements, thenfour years later came 401(k)s. This year, anew paradigm begins with the launch of thefirst state-sponsored SecureChoice programs.

Although these programs have different rules, they generallyrequire all employers above a certain size to offer a plan thatcovers all eligible workers. Most Secure Choice programs mandateauto-enrollment and some require automatically increasingcontribution percentages over time.

Some authorize investment choices designed to convert intoguaranteed annuity payouts at retirement.