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Employees don't "control" 401Ks

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The battle over state pension programs has quieted down for the moment in Illinois, but when it starts up again - or in other retirement policy discussions - advocates of 401(k)s should stop saying the plans let workers "control" their retirement funds.

According to the Jan. 8 Belleville News-Democrat, John Tillman, CEO of the business-backed Illinois Policy Institute, says government workers should be offered 401(k)s.

"Government workers deserve to control their own retirement savings in ways that meet their own needs, not the needs of the political leaders in Springfield," he said. "A 401(k)-style plan is the only moral solution that delivers a reliable retirement for government employees and liberates taxpayers from funding a failed system."

Did Tillman not see what happened to workers' 401(k)s in 2008 or in other bad years? How many of those workers watching their retirement nest eggs crash and burn felt they were in "control"? Or that their retirement plan was "reliable"?

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1 Comment

I completely agree with your argument here. Retirement should be something that people look forward to because they would be well taken care of financially. However, this is not always the case and retirement savings tend to dry up because of the system.

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This page contains a single entry by Thomas Frisbie published on January 9, 2013 5:38 PM.

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