It is difficult to understand how more Americans will achieve retirement security without innovation in the pension system. Innovation involves trying out new ideas and approaches, learning by trial and error. The federal government has a role to play in a learning pension system. First, it can be a catalyst for innovation. Second, it can create the regulatory space in which new approaches can be tried.

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A US flag flies off the stern of a tour boat at the Port of Los Angele in California on July 31, 2025. (Getty Images)