(FORTUNE Magazine) – -- Require all companies to offer defined-contribution plans; end costly ''discrimination'' tests.

-- Have the Social Security Administration detail annually the current value of benefits a citizen can expect at retirement.

-- Replace IRAs with ''premium saving accounts,'' which defer taxes on savings that exceed a minimum threshold.

-- Increase payroll withholding taxes and let taxpayers direct refunds to a bank or mutual fund.

-- Ultimately, government should move toward a ''consumed-income tax,'' which would exempt all income that is saved.