It's not to say the 401(k) plan hasn't being continually undergoing enhancements.

Over the past decade, plan sponsors and service providers have been incorporating the fruits of behavioral finance research. We've seen a proliferation of auto-enrollment and auto-escalation. We've seen the number of options dramatically reduced. We've seen the choice paradox addressed by placing those options into separate menu categories rather than a single long list.

But we've squeezed about all there is out of this sponge. It's time to move to the next step in the 401(k)'s evolution.

The good news is we're finally starting to see some real activity along these lines. But it's not from the usual suspects in the ivy covered institutions. This time, it's happening within the recently remodeled government in our nation's capital.

Sure, you still here remnants of the previous administration, but there's a new sheriff in town. He's made it all right for folks to once again think outside the box.

That means no longer viewing the 401(k) as a failed experiment, but treating it as a launching pad.

The progress that came from those behavioral finance tweaks eventually hit a brick wall. Those bricks represent all the regulations imposed on the 401(k) system that impede its further development.

Just like the Pension Protection Act of 2006 loosened some of those regulatory shackles, the time has come for further slackening those onerous burdens.

Just like the PPA of 2006 seems "so obvious" today, the next legislative step also appears self-evident.

Better yet, the necessary legislation has been discussed for year and is said to have bipartisan support. It is none other than that friend we've been expecting a visit from for a long time: the open 401(k) MEP.

Think of all the problems this next step in the evolution of the 401(k) will solve:

Problem: Small businesses don't have the time or expertise to create low cost 401(k) plans.

Solution: The 401(k) MEP.

Problem: Too many people don't have access to a 401(k) plan.

Solution: The 401(k) MEP.

Problem: With workers jumping from one employer to the next, leakage has become an impediment to retirement savings.

Solution: The 401(k) MEP.

Problem: Plan sponsors prefer less fiduciary liability.

Solution: The 401(k) MEP.

Problem: State-based retirement plan solutions have a poor track record.

Solution: The 401(k) MEP.

Problem: Plan sponsors prefer to devote more time to making their business more profitable.

Solution: The 401(k) MEP.

Problem: All but the largest plan sponsors don't have the expertise to judge which plan service providers are truly the best.

Solution: The 401(k) MEP.

Problem: We want to avoid a retirement readiness crisis.

Solution: The 401(k) MEP.

With a new president comes new opportunity. This Trump fellow seems chomping at the bit to get things done. Why doesn't Congress follow this lead and present legislation creating safe open 401(k) MEP to the President. The sooner Congress acts, the sooner more people will start saving for their retirement.