The default level of workers' retirement plan contributions should be increased from 3% to 6% through an amendment to the 2006 Pension Protection Act, says Ronald O'Hanley, who heads Fidelity Investments' asset-management division. In addition, IRAs should be available starting at birth, O'Hanley said. The U.S. should "act now to avert the looming catastrophe America faces if we don't get serious about addressing the inadequacy of our retirement savings system," he said.

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