At 85, John Bogle remains a leading, and fiercely positive, advocate for the long-term future of 401(k) plans.
Earlier this month he testified before – or more accurately, unloaded on – the Senate Finance Committee at its hearing on retirement savings plans. Love him or hate him, you must admit he speaks his mind. He detailed the flaws in the current regulations governing retirement plans. And he presented pointed criticism of the mutual fund industry for putting profits above fiduciary duty. His testimony is a "must-read" for anyone engaged in the debate for retirement plan reform.
Here is my take on the key points he raised in both his written and in-person testimony. For each topic I've added Bogle's most incendiary quote.
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