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When Kevin Busque was starting his own company, his employees kept asking him about having a 401(k) plan, but he wasn’t sure how to begin as the information was overwhelming, he told an audience at the Hearsay Summit in late May.

Having built a technology firm, and as an engineer, he said he began “unpacking” how to set up a 401(k) and realized something was very wrong with the current system.

“The whole legacy of 401(k)s has lost the point,” he told BenefitsPRO’s sister site, ThinkAdvisor. “[The point is] to give participants a successful retirement outcome, so how do you do that when you [charge fees] and take away compounded income and interest … it doesn’t make sense.”

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