Laurence D. Fink, BlackRock chairman and CEO, believes “we’re at a major crossroads” in the U.S., because “we have a real absence of savings toward retirement” in the private sector.

Mr. Fink was speaking at Pensions & Investments‘ Global Future of Retirement conference in New York on Tuesday.

“As companies migrated from DB to DC, obviously they rid themselves of the economic responsibility,” Mr. Fink said during a session at the conference. “But they should never assume they rid themselves of the moral responsibilities.”

He also said “the lack of participation in DC (plans) is stunning. (Participation) is still not high enough.”

Mr. Fink noted the lack of DC savings “will become the leading drag to the U.S. economy in the future,” and “be a far bigger crisis in this country than health care ever was.”

Source: Pensions & Investments