12:05 PM EDT, 03/26/2024 (MT Newswires) -- BlackRock ( BLK ) Chair and Chief Executive Laurence Fink said Tuesday the US must make "an organized, high-level effort" to reassess the retirement system and help ensure that the younger generation will have savings when they retire.

In his annual letter to investors posted on BlackRock's ( BLK ) website, Fink urged government and corporate leaders to address a looming "retirement crisis" in the world's biggest economy.

Fink said BlackRock ( BLK ) has already implemented auto-enrollment as part of a federal law that is expected to enter into force next year. The new law will require employers that set up new 401(k) plans to automatically enroll their new employees.

The chief executive said the firms can do more to improve the financial health of their employees, including offering some matching funds for their retirement plans and providing more financial education on the impact of contributing a small portion of income to retirement compared to the maximum.

Fink also highlighted that there should be a better way for workers to transfer their 401 (k) savings when they switch jobs.

The CEO added BlackRock ( BLK ) will announce partnerships and initiatives to rethink the retirement system over the next few months.

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