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The 401(k) savings plan is “facing a midlife crisis” because it has been “ineffective at helping most American workers save for retirement,” argue Professor William Birdthistle of Chicago-Kent College of Law and Daniel Hemel, assistant professor at the University of Chicago Law School, in a Time magazine opinion piece on Nov. 2.

“That’s ludicrous! It’s a pathetically incorrect article,” contends Louis Harvey, president and CEO of Dalbar, a leading Boston-based financial services market research company.

“The $5 trillion-plus in 401(k) plans right now is the largest pool of retirement assets in the country,” Harvey notes. “They’re saying this doesn’t exist? Give me a break! Are these guys thinking about what they’re saying — or just spurting?”

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