US. ‘Father of 401(k)s’ Says Big Changes Are Needed
When the “father of 401(k)s” talks about changes that are needed to these retirement programs that 54 million people in United States use, the industry should listen.
“[I want] to challenge you to think more deeply about the future of this business and your role in it than you ever have thought of before,” Ted Benna, who received the first approval for a 401(k) defined contribution plan, told the audience as he gave a closing talk at the Envestnet Advisor Summit 2018.
With the 40th anniversary of 401(k)s coming up, Benna went over some of the history of how these retirement plans were developed. They began, he said, as a page-and-a-half addition to the Revenue Act of 1978, and from that a $5.3 trillion savings and retirement business has developed.
Read More: Think Advisor
