Ted Benna, considered by many to be the father of the 401(k), is still striving to make it easier for ordinary Americans to save for retirement. Despite numerous retirement options available to the average worker, many reach retirement age with savings that are not capable of providing them with necessary levels of support. Benna, now 75, recently released a guide to help small businesses by pointing out viable retirement and investment vehicles for employees that manage to keep costs and liabilities low. His efforts have even influenced Congress; House Republicans are currently considering reforms that would allow 401(k) investment funds to be taxed up front as opposed to when they are withdrawn for retirement.
See Jonnelle Marte, Why It’s So Hard for Americans to Save for Retirement, The Washington Post, September 15, 2017.
Special thanks to Naomi Cahn (Harold H. Greene Professor of Law, George Washington University School of Law) for bringing this article to my attention.
