Sep 4, 2018
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.
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.