10 Things 401(k) Plans Won’t Tell You

From Marke****ch

When 401(k)s were first introduced in the late 1970s, most workers still had “defined benefit” pensions — retirement plans where employers made all the decisions about what to invest where. Back then, 401(k)s were intended as mere supplements to those plans

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As the article describes, most companies have ended their defined contribution plans in favor of 401(k)s "where the financial burden is placed squarely on the employee".