WASHINGTON-Regulators, employers and the financial services industry must work together to expand the use of 401(k) plans and increase worker participation, the Investment Company Institute's President and CEO Paul Schott Stevens told attendees at the ICI's 50th Annual General Membership Meeting on May 7.

"Participation [in 401(k) plans] turns savers into investors," Stevens said, adding that it is crucial for the government and the private sector to refine and improve the employment-based system as more and more companies drop their defined benefit pension plans.

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