It Was Always a Scam

Those so-called "defined-contribution" 401(k) plans were promoted from the get-go by the Pete Peterson/Fix The Debt types who've been warning us for decades that Social Security is on the verge of bankruptcy and it won't be there for you when you retire so give us your money instead, etc. This has remunerated them handsomely in form of annual management fees, but for the actual account holders, not so much. This is a feature, not a bug, of such retirement systems.

---Baron V