so i ask you all what you think of that for a savings plan and maybe dr. reid you could start. >> certainly in the preer lyundnais pe rk sher cuan gs tecu rs oeh acen urtihe tanpert

so i ask you all what you think of that for a savings plan and maybe dr. reid you could start. >> certainly in the private sector the rules that congress put in the lifecycle funds have been extremely popular. i think they do help get younger investors into an saving more heavily in the stock market and even while there was talk about younger investors pulling out of the stock market the lifecycle funds certainly keep individuals who are in 401(k)s contributing. i think another point here that we would like to make is ways of expansion going to your broader question is the net concept begins with smaller employers to help them more easily offer a plan would be very beneficial change and adding to our system as well. >> thank you. >> i completely agree with changing the default fund. a huge volume of evidence shows the default fund is extremely persistent under automatic enrollment so the default fund will be flowing into the bond fund and to hearken back to senator casey's question earlier how do individuals learn and become more financially literate? the best

dr. reid, next. >> thank you, chairman wyden and ranking member hatch for the opportunity to testify. i brann reid, chief economist at investment is to do, delete and association of regulated funds. ici's numbers management of $17 trillion serve more than 90 million shareholders. the point at today's hearing, mutual funds manage about half of the defined contribution plan an individual retirement account asset. ici has devoted years of research and considerable resources to make and in communicating inaccurate assessment of america's retirement system. today, such an assessment must recognize three key facts. first of america's retirement system is working to build security to the majority of americans. the incentives for savings based in deferral of taxes, not in tax exclusion or tax deduction are key to the successes and strengths of the system. third, while their opportunities to improve the retirement system, changes should build upon our current structure and not put the risk. it may cont

dr. reid, next. >> thank you 6 thank you, chairman wyden and ranking member hatch for the opportunity to testify. i'm brian reid, chief economist of the investment company institute, the world's leading association of regulated fund. ici u.s. members manage assets of more than $17 trillion and serve more than 90 million shareholders. to the point of today's hearing mutual fund manage half of the defined contribution plan in individual retirement account assets. ici devoted years of research and considerable resources to making and communicating an accurate assessment of america's retirement system. today such an assessment must recognize three key facts. first america's retirement system is working to build retirement security for the majority of americans. second, the tax incentives for retirement saving based in deferral of taxes, not in tax exclusion or tax deduction, are key to the successes and strengths of that system. and third, while there are opportunities to improve our retirement sy

maybe dr. reid, dr. madrian you can start. >> certainly and the private sector the defaults that we put in place in the rules congress put around so that balance on and lifecycle funds have been extremely popular. i think they do help sort of the younger investors into and saving more heavily in the stock market. and what we saw, even while there was talk about younger investors pulling out of the stock or, those lifecycle funds did certainly, you keep individuals who were in 401(k)s contributing. i think another point here that we would like to make is that the ways of expansion going to your broader question is that the concept of paying for smaller employers to help them more easily offer a plan would be a very beneficial change in adding to our system as well. >> thank you, i agree. dr. madrian? >> i agree with changing the default funds, huge volume of evidence shows that the default funds is extremely persistent under automatic enrollment. if the default fund is a bond fund most of the assets will

maybe dr. reid and dr. madrian, you can start. >> certainly in the private sector, the defaults we are put in place in the rules congress put in so balanced funds and lifecycle funds have been extremely possible, i think they do help sort of date younger investors into saving more heavily in the stock market and even while there was talk about younger investors in the stock market, the lifecycle funds did certainly keep individuals in one case contributing. i think another point here that we would like to make to go into the broader question is the concept for smaller employers to help them more easily offer a plan would be a beneficial change in adding to her system as well. >> thank you. i agree. >> i completely agree with the default funds. a huge volume of evidence shows the default fund is extremely persistent and their automatic enrollment. so the default fund is a bond fund, most assets will flow into the bond fund. to hearken back to senator casey's question earlier, how do individual learn and beco

reid to thank our panel. >> and if i can ask the second panel? [inaudible conversations] we have dr. ginsberg that has extensive backgrounds to have public-relations related to research in this area. >> end he will leave the discussion from the perspective of the policy makers. [inaudible conversations] >> id we can start now. at the beginning of a conference to set the tone about transparency. there has been a longtime interest of mine and i believed the confusion comes from the fact we talk about it because of the aspect of sunshine. though republicans institutions or other institutions their operations ought to be a more transparent. son to be useful but then when they think further waiting physicians, hospitals, health plans and this panel is about the three different audiences in what they can do. and a very distinguished researcher. it as an executive to talk about other data. with the need for health plan than with the policy background what can they learn from this information to help them with policy did the? with that april data released. we will not dwell what was on the a

reid alert now in washington. for the first time in 17 months the u.s. has a surgeon general. the senate voted 51-43 last night to confirm drrthy. his nomination had been left in limbo for more than a year as some lawmakers and the nra opposed his public support for gun control. at 37, murthy is america's youngest ever top doc. the holiday season is here, which means it's time for the volkswagen sign-then-drive event. for practically just your signature, you could drive home for the holidays in a german-engineered volkswagen. like the sporty, advanced new jetta... and the 2015 motor trend car of the year all-new golf. if you're wishing for a new volkswagen this season... just about all you need is a finely tuned... pen. get zero due at signing, zero down, zero deposit, and zero first month's payment on select new volkswagen models. sweet charmin!!!softness... take a closer look at charmin ultra soft and you'll love what you see. not only can you use less, but you can actually see the softness in our comfort cushions. we all go. why not enjoy the go with charmin ultra soft? feet...tiptoeing. better things than the pain, stif

dr. calvin french, thank you. thank you for all your pass storal work -- pastoral work, ad thank you for all the guidance in my life. with that, i yield the floor. mr. reidllowing my remarks and those of the republican leader, the senate will proceed to executive session with the time until 10:00 a.m. equally divided and controlled between the two leaders or their designees. at 10:00 a.m., the senate will proceed to five roll call votes on franklin orr, joseph hezir, gregory stivers, joseph leeson, and lydia griggsby. mr. president, just a brief wo word, i was struck this morning by looking at the newspapers and listening to the news. spending on health care in the united states grew in 2013 at the lowest rate since the federal government began tracking in 1960. it was the fifth straight year of exceptionally small increases in the closely watched indicator. the data defied critics who had said such low growth would not continue for long since the recession ended in 2009. health spending was up last year but only.6%. it is really -- but only 3.6%. it is really remarkable. this increase is the lowest on record going back to 1960. mr. mcconnell: mr. presid

reid and toer senate democrats ensure the prompt and fair consideration of the president's nominees across the united states government. we are gratified that some of these nominees are finally moving forward. dr. murphy is a tremendous example of this. this is an individual who is eminently qualified for this will standd i think to offer quite a bit to the american people in servicing this country and this role. we are gratified. in relation to senator cruz's role, i'm not sure how responsible he is for this. i understand based on the news reports that i've read that some the shenanigans he carried out on the senate floor did create an opening and additional time for the highly-qualified nominees to be confirmed. be ans the case, it may indication that senator cruz does not know much more about senate floor proceedings that we do. >> the u.s. senate today is moving forward with the last of the executive nominations in the 113th congress earlier today, moving forward with the head of the immigrations and customs enforcement. moverocedural vote to that anthony link one would be the deputy secretary of state is underway, and you can watch that on c-span 2. they are watching a -- there watching f