The 401(k) plan was never meant to be a mainstream pension plan and is a poor substitute for one.
“They can set up a suite of mutual funds, but the more money they charge, the worse off future retirees are. Until this conflict is resolved by making retirement-plan managers fiduciaries — legally responsible to put employees first — little will change. Such a rule has been pending before the SEC and Labor Dept., but the coalition of Wall Street and employers have been fighting to dilute or kill it.”
See on www.forbes.com