The modern 401(k) system is too complicated for many retirement savers, said Ted Benna, who is considered its inventor. The original 401(k) came out of a discovery Benna made in the tax code that allowed employers to get a tax break for letting workers save part of their paychecks. He is critical of the proliferation of do-it-yourself retirement options, and he says 401(k)s were never meant to be everyone's solution to retirement.

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