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Tune in for thought-provoking conversations with smart, creative thinkers in the fields of benefits, economics, government, demography and more. This show is brought to you by the American Benefits Council, a Washington D.C. trade association that advocates for employers, connecting public policy and private-sector solutions to shape employee benefits for the evolving global workforce.  |  @BenefitsCouncil

Sep 4, 2018

The defined contribution retirement savings plan is now the preeminent savings vehicle for working Americans. DOL data tells us that two-thirds of all full-time civilian workers have access to a defined contribution plan at work, and 72 percent of those individuals participate in the plan, adding up to nearly 100 million participants nationwide. It accounts for, conservatively, more than $10 trillion in retirement assets.
The most common and well-known type of defined contribution arrangement is the 401(k) plan, which celebrates its 40th anniversary this year. But just because a guy happens to be the putative “father of the 401(k),” that doesn’t mean he’s averse to issuing a little constructive criticism. R. Theodore “Ted” Benna, is a consultant, an innovator and an author, and in his new book, 401(k), 40 years later – and this episode of the American Benefits Podcast – he talks candidly about the promise and the problems with today’s retirement system.