Eventually, Social Security may be replaced, in part, by retirement plans that mandate participation, invest in pre-built baskets of equity indexes and U.S. Treasuries, have limited access to assets prior to retirement, and promise guaranteed lifetime payouts.

Although several policymakers have advocated for the new paradigm, one person stands out based on her credentials and consistency. She is Alice H. Munnell, a research economist who has worked for the Federal Reserve, as Assistant Secretary of the Treasury in the Clinton Administration, as professor at Boston College, and as founding and current director of the Center for Retirement Research at Boston College.

For some time, her mantra has been: 1) Most people won't save enough for retirement on their own initiative; 2) Guaranteed pensions create more financial security than 401(k)s and IRAs; 3) The 401(k) plan was poorly designed, because it leaves too many decisions to individuals, costs too much in fees, and permits too much leakage; and 4) The government should mandate retirement plan coverage for everyone, with minimum required contribution and deferral rates.

Actually, the 401(k)-IRA era wasn't planned or designed by anyone. It was driven by millions of individuals' desire to make their own retirement plan decisions and control their own money.

It coincided with a huge expansion of individual participation in investment markets, with the help of financial advisers.

The new paradigm will be driven by government mandates and automatic templates, and (somewhat by design) millions of participants will no longer need professional advice. However, 401(k)s and IRAs are still too large and popular to disappear.

In regard to Secure Choice mandates, employers and participants who affirmatively make active decisions can continue to continue to control their own plans. You can urge clients and prospects: “Avoid big-government interference by taking charge and proactively making your own plan decisions, with my help.”

For employers, avoiding Premier Choice mandates is as easy as adopting another type of retirement plan (e.g., a SIMPLE or SEP).

For participants, avoiding automatic enrollment, government-imposed deferral rates and default investment choices is as simple as obtaining good advice and affirmatively making these decisions base on personal needs and goals.

To better understand the emerging new paradigm, you also may want to study some of Munnell's research and interviews.