"What starts with an 'f' and ends with a 'k' and means screw your employees?"

If you guessed 401(k)s, you are absolutely correct.

These mostly unregulated and uninsured plans were marketed as "get rich" schemes, and millions upon millions of Americans fell for it. Of course, companies which pushed these were gutting their defined benefit plans, which guaranteed a set amount of money each month for the rest of the workers' lives (like Social Security and state pensions).

Now millions of workers have found their supposed wealth not worth the paper it was written on, and they are finding themselves unable to retire, unless, like me, they are forced out of the labor force.

It's worth looking at the April report of 60 Minutes about the 401(k) fallout:




Frontline did a documentary three years ago about the problems with 401(k)s. It is excellent.