In his FY 2011 budget outline, Obama laid out a new system of automatic pensions and proposed to revamp 401(k) plans to facilitate automatic enrollment and increased saving over time.

In his weekly address, Obama introduced an array of new measures designed to promote -- though not require -- saving, including an automatic retirement saving system in which employees would have to opt out rather than opting in. Employers would be encouraged to ramp up an employee's rate of saving over time. The new measures, administered by the Treasury, take effect immediately.

Obama had previously proposed an opt-out IRA at workplaces that don't offer retirement plans.

President Obama's 2010 budget blueprint proposes a required automatic workplace pensions plan, which would ensure all employees are enrolled in a direct-deposit IRA account that will shift a portion of their wage to retirement savings -- with a chance to opt out.

Labor Secretary-designate Hilda Solis is making retirement security one of her priorities. "We must expand retirement savings, assure that existing pension plans are secure and provide retirees and workers with the information they need to make good decisions about how to invest for the future beyond work," she told senators at her confirmation hearing.