With an economy that's still drooping in spots and high long-term unemployment now a part of the landscape, it isn't surprising that politicians have taken notice of the retirement crisis in America.

American workers' lack of retirement readiness has been dropped on the doorstep of the defined contribution market and it's been pointed out again and again that 401(k) plans just don't offer the same benefits and guarantees that used to come with defined benefit pension plans.

But is the 401 (k) industry so bad? Why is it always cast as an outlaw in the retirement readiness showdown?

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