The Creation, Popularization, and Evolution of the 401(k)

Join Michael Finke, PhD, CFP®, Vanguard’s Fu Tan, PhD, and Ted Benna, father of the 401(k), for an informative and insightful discussion on the creation and modern applications of the 401(k). Discover Benna’s thought process behind creating the near-ubiquitous retirement savings plan, how 401(k)s are used in the modern day, and an exploration of alternative methods of retirement planning.

Michael Finke, PhD, CFP®, is a professor of wealth management and Frank M. Engle Distinguished Chair in Economic Security at The American College of Financial Services. He received a doctorate in consumer economics from the Ohio State University in 1998 and in finance from the University of Missouri in 2011. He leads the O. Alfred Granum Center for Financial Security at the American College and is a research fellow at the Retirement Income Institute, and a member of the Defined Contribution Institutional Investment Association Academic Advisory Council. He also serves on the board of the Puerto Rico Pension Reserve Trust.

He is a nationally known researcher in the areas of retirement income planning, retirement spending, life satisfaction, and cognitive aging. He is a frequent speaker at financial planning conferences and was named one of the 25 most influential people in the field of investment advising in 2020 and 2021 by Investment Advisor Magazine.

Ted Benna is the CEO of Benna401k, LLC, a consulting firm dedicated to assisting small businesses in implementing their 401(k) plans for employees. Benna earned the nickname “Father of the 401(k)” by creating and gaining IRS approval for the first 401(k) savings plan.

Benna has received many recognitions for his work throughout his career, including the InvestmentNews Icon & Innovators Award, the National Jefferson Award for Greatest Public Service by a Private Citizen, and Player of the Year selected by Defined Contribution News. He was also one of eight individuals selected by Money Magazine for its special 20th Anniversary Issue Hall of Fame, recognized by Business Insurance as one the four People of the Century, and one of ten selected by Mutual Fund Market News for its special 10th Anniversary Issue Legends in Our Own Time, as well as the Lifetime Achievement Award by Defined Contribution News 2005.

Benna authored five books including 401(k) & IRAs for Dummies and 401(k): Forty Years Later.

Fu Tan, PhD, is a senior investment strategist in Vanguard’s Investment Strategy Group and Global Public Policy Group, specializing in U.S. retirement policy and retirement research. She is a principal author of the Vanguard Retirement Outlook, a flagship research initiative that assesses U.S. retirement readiness and informs policy engagement, retirement strategy, and the design of investor-focused solutions.

She is a co-author of Vanguard’s forthcoming Six Big Ideas for Improving U.S. Retirement Outcomes, which sets out a policy agenda for the next generation of retirement reform — expanding access and participation, helping workers preserve savings momentum through job changes, and making it easier for retirees to convert accumulated wealth into reliable retirement income.

Fu translates rigorous research into practical recommendations for policymakers, regulators, retirement plan professionals, and investors. She holds a BA in finance from Shanghai Jiao Tong University, an MA in economics from Duke University, and a PhD in economics from the University of Wisconsin–Madison

Any views or opinions expressed in this podcast are the hosts’ and guests' own and do not necessarily represent those of The American College of Financial Services.

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