American workers now take for granted they can sock away pretax earnings with a company match, but at the time many couldn’t imagine Ted Benna’s idea of turning a little-noticed new subsection 401(k) of the tax code to replace pensions as the bedrock of American retirement. The father of the 401(k) says he created a monster: The plans had grown so overcomplicated and so fraught with hidden fees and opportunities for bad decisions that they were better at enriching the financial industry than the actual savers. “For all its issues, the 401(k)’s biggest value is that it turns spenders into savers,” he said. “Not that I spend much time basking the glory of the 401(k). What matters most to me now is spending time with my grandchildren and my horses.” (marketwatch.com)
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