Sometimes, it’s necessary to correct the record. The other day, a click-baity, highly misleading headline blared: “Teresa Ghilarducci Confirms Proposal to Create Federal 401(k) Would Remove Employers from Retirement Saving System.” Sounds scary, but it’s totally untrue.
Let’s get something clear: I don’t hate or want to abolish 401(k) plans — I am fortunate to have one myself. But let’s remember, Ted Benna, the so-called ‘father’ of the 401(k), said he created a monster.
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