The 401(k)'s Broken Promise: A Systemic Failure for Low Income Workers Ted Benna, the architect of the 401(k) plan, has launched a scathing critique against his own creation.
He argues that the retirement system he helped design has failed lower income workers, who are unable to afford even the minimum contributions required to participate.
When the 401(k) was introduced in the early 1980s, it promised to give employees control over their financial futures by allowing them to set aside pre tax dollars for retirement.