According to Morningstar, the 401(k) was “invented by accident” –as a clause inserted into the tax code in 1978 to clear up the tax status of profit-sharing plans. Then it morphed into a savings plan when companies decided to get out of the pension business–which they have done in droves. Learn why fees are still high on many 401ks–and why many retiring professionals are rolling over portions of their 401ks into a very specific type of annuity, with no annual management fee.
