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Reflecting on a Retirement Plan Milestone

Believe it or not, we just passed the 40th anniversary of Congress's passing of the Employee Retirement Income Security Act, better known as ERISA, and the inception of the 401(k) retirement plan that has changed the way American companies do business – and how our workforce plans for retirement. So reports Fox Business.

It's also a marker of the four-decade-long debate over defined-benefit (aka traditional corporate pensions) vs. defined-contribution plans that are more employee-directed.

The generations of workers who have come of age in the post-World War II period mostly haven't had the option of choosing a pension. That said, the 401(k) program has grown, evolved and provided no shortage of tax and flexibility advantages over time. Forty years on, the reviews are mostly positive.

Read the full article from Fox Business.

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