12/4/2014 – The 401(k) Killed Off Pensions (Bloomberg)

“There was absolutely no discussion in ’78 that if you do this, the world is going to change,” recalls Carter-era Treasury official Daniel Halperin of the 869-word provision in the tax code that created a $4.4 trillion pool of retirement savings. According to the Investment Company Institute, 18 percent of all retirement assets are held in 401(k)s, the third-largest stash behind IRAs and government pensions.

Read the full article at Bloomberg Businessweek.