In this article a Fidelity executive argues that Americans should be saving more for retirement. He seems so concerned for Americans and their future. Sure.
In 2006 congress passed the Pension Protection Act which allows employers to automatically enroll employees in retirement plans. Employers can enroll employees at a maximum rate of 3% under the act. The Fidelity executive states that rate should be increased to 6%. He says Americans aren't saving enough.
He seems so concerned with my well being. I'm sure he couldn't have an ulterior motive, right?
Guess which company is the largest administrator of 401K plans? You guessed it: Fidelity.