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OK -- man behind that famous -- one K plan says now it's on nasty many options to many mistakes.
So get this he says scrap it start over.
Honored to have tonight is about the the father of the 401K it's -- very good to have you.
On thanks -- you know I mean.
-- you've got a nation of savers going but now you're worried about what's happened to your your creation explain.
But banks -- Well we have little more than thirty years now experience.
To look at and -- 0401 K is sell millions of people save a lot of money for retirement.
And but -- other areas where can be improved in yeah I think it's time to.
Get serious about some of the improvements that we can make and it alright now.
Do you not like the fact that they've had and a lot of -- starts -- -- that it's almost too much of -- -- one.
Well on the investment side clearly we've made it much much too complicated for most workers the -- the original plans.
-- yet to investment options.
Today it's -- common to have wanna hear more and for most people that's.
Way beyond what Terry -- deal with.
You one other not things haven't that you're the expert but I as in our play -- on TV.
And and I think what happened Kirsten is people who now fastened themselves.
Guys like you who can go in and out and knows something about.
Or think they do about market timing they never get it right -- so they're playing -- with this lot more when the better part of valor oftentimes.
Is -- -- alone letting it do its own thing not going in and out of different investors honors like but that's now almost -- under new role.
Yeah well that's exactly right -- I treat most -- most participants.
Kind of picked.
Salting and you don't you don't leave it but.
What time do don't know what they're picking and why they picked it.
My answer today you know -- starting over with -- the tools we have available what we know now.
Would be automatically put every participant in these target retirement funds Ryan -- let those who -- -- while still.
Do it on her own to do that but you know it's a lot better alternative for -- Participants that's it just sings and others these funds that are geared toward what's -- gonna retire.
It's when it's 1530.
On both the further out the more aggressive the closer you get to that.
The more conservative that's not a bad idea but here's what worries me when I -- you coming on said that.
-- I'd love what you -- so much -- I'm afraid if you tinker with that now we're talk about changing it.
They're just gonna junket and and and and that's it worries -- Better a flawed for a one K I think -- -- a thirty -- the expert than -- four point I think that's what's gonna happen.
Yet there there's not risk any time you.
You start dealing with legislation you know obviously don't have control that process but there are couple specific here is Neil.
Where I would like to see some legislation.
Hit a couple of the major painful up pitfall assist.
-- there's general agreement that are weaknesses in the system and you know I I think we frankly should we ought to still here in this industry and the private sector and saying look let's get -- tackling these two areas and rule out another series of -- articles stop right now -- -- well publicity or distant.
Right media has to -- to do with what we call leakage the fact that.
Too much money gets out of the system when people change jobs when their employers terminate their plans we we should get away.
From when those events take place.
Having the opportunity for people to get it checked and decide whether you buy a boat -- keep the -- tucked away for the retirement.
That's that's the first -- I would deal worth.
Ted good stuff all.
-- nation was a lot to you -- -- that a father of the four want to thank you very much have a great Thanksgiving.
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