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Time to embrace your 401(k)

 

I spent virtually my entire working career of 30 years designing and marketing qualified retirement plans, mainly defined benefit plans. I saw the shift from DB plans to defined contribution plans, mainly 401(k) plans.

If I were a young worker today, I would eagerly embrace the idea of participating in a 401(k) plan that has tax deductible contributions and unlimited growth potential plus the match of 3 percent of pay by employers. So, who’s fighting this great shift from DB to DC plans? For one, unions that control billions of dollars of pension funds, insurance companies who can’t sell life insurance in 401(k) plans and dozens of others who have been milking the system, and employees, for decades. Who benefits? Follow the money.

Stephen Cohen, Tamarac

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