A national debate has long centered on how to get more employees into retirement programs. But as time progressed and more employers moved away from managing long-term obligations like pensions, the conversation is now shifting to getting employees to the point of maintaining a lifetime income.
When the 401(k) came into existence, I dont think anyone envisioned it morphing into a primary retirement vehicle for people, said Jeffrey Brown, Center for Business & Public Policy director at the University of Illinois. It was created as more of a supplemental plan and was never designed or regulated in terms of providing retirement income, he added, speaking in Washington, D.C. at a Bipartisan Policy Center panel on challenges facing retirement plans.
