News

Get Rich Education - Podcast: 197: Inventor Of 401(k), Ted Benna Joins Us

7/16/2018

The man credited as the &lquo;Father&rquo; and &lquo;Inventor&rquo; of the 401(k), Ted Benna, joins us today. He created and gained IRS approval of the first 401(k) savings plan. Even Ted laments that they should be &lquo;blown up&rquo;. They are not serving participants in the way they were intended. Ted & I discuss alternatives to 401(k)s.

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The Money Advantage - Podcast: Reflections from the “Father of the 401(k)”

6/18/2018

If you listen to the “financial experts” on tv or the radio, you will hear the typical blanket advice that you should put money into a 401(k). But the question is, does that advice apply to everybody? To get as much of an insider’s perspective as we could find, we interviewed Ted Benna, “inventor” of the 401(k).

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Politico Article: The $10 trillion inventor

6/7/2018

Ted Benna, the “father of the 401(k),” has some thoughts about his creation—and how to fix it.

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Father of the 401(k) Ted Benna offers a new invention: Cheaper retirement plans

7/17/2017

Longtime Pennsylvania resident Ted Benna invented the 401(k) plan more than 35 years ago. Now, he has written a road map to cheaper, less complex retirement-savings plans for small businesses and employers.

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New Firm Provides Fee Benchmarking and Adviser Searches

4/6/2016

PlanSponsor.com recently highlighted 401(k) Benna as a solution for companies interested in reducing 401(k) Advisor fees.

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401(k) plan pioneer launching fee advisory service

3/22/2016

Ted Benna, who was instrumental in designing early 401(k) plans, comes out of retirement to help small and mid-sized employers determine whether they’re getting their money’s worth from plan charges.

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Employee Benefit

2/29/2016

The Department of Labor (DoL) reported that 67.2% of employee benefit plans investigated in 2015 resulted in financial penalties or other corrective actions.

New regulations

3/3/2016

New regulations are to be issued by the Department of Labor that will change the way most 401k plans are operated. These regulations will make financial advisors who provide services to 401k plans fiduciaries. These regulations will force financial advisors to conduct their affairs in manner that is worthy of fiduciaries. In many instances, they serve their own interests rather than those of the Plan Sponsors and participants. Among other things, these new regulations will provide investment advisors from receiving compensation from the mutual funds and service providers they recommend to Plan Sponsors. They will have to either: a) exit the business, b) shift to consultants who are paid fees for services provided, or become Registered Investment Advisors who are permitted to give investment advice and to provide other services. In either instance, the compensation paid must be fully disclosed by the consultant/advisor, and it must be reasonable.