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NEWS STORY

401(k) Accounts Are Not Retirement Plans

May 19, 2010

Congress created 401(k) accounts in 1978 as a way to close a loophole on executive bonuses. They were never intended as a replacement for traditional defined benefit pension plans--but today that is how they are often perceived, and as a result, many American workers will never have sufficient funds to retire as they would with a traditional or defined benefit retirement plan. Download the pdf.

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