Nov 8, 2016
According to Morningstar, the 401(k) was “invented by accident” --as a clause inserted into the tax code in 1978 to clear up the tax status of profit-sharing plans. Then it morphed into a savings plan when companies decided to get out of the pension business--which they have done in droves. Learn why fees are still high on many 401ks--and why many retiring professionals are rolling over portions of their 401ks into a very specific type of annuity, with no annual management fee.