<p>Teresa Ghilarducci and Hamilton James started off the New Year with a bang, teaming up on an opinion piece in The New York Timesthat advocates a radical overhaul of the retirement system. Ghilarducci, a labor economist and professor of economics at The New School for Social Research, and James, president and chief operating officer of private equity firm Blackstone, said that the existing system of IRAs and <a href="http://www.benefitspro.com/2016/01/04/fewer-dc-investment-choices-equal-more-savings" target="_blank">401(k)s</a> “is broken,” because such plans are “individually directed, voluntary and leaky.”</p>