A Scam is a Scam

401(k)s were set up as a savings plan for a few executives and not originally created as a substitute for pensions. Unfortunately, loopholes in federal laws allowed companies to jettison the far superior defined benefit pensions to put in do-it-yourself "retirement plans" solely to shift the risk onto workers. They were also far cheaper for companies than traditional pensions. They certainly won't make workers rich, that's for sure.

It's even more the case now with few workers being able to stay with a company for very many years to build up any kind of savings through these scams. And of course companies can simply steal the money outright.

Few people realize just how much money they would have to save to even be able to have a monthly benefit like my meager 300-a-month pension.