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Clearly, the 401(k) plan doesn’t help most Americans save for retirement because “most people have nothing or very little” in their 401(k) accounts, Daniel Hemel, an assistant professor at the University of Chicago Law School, says in an interview with colleagues from our sister site, ThinkAdvisor.

Hemel contends that since 401(k)s have failed to advance broad-based retirement saving, and given the nation’s rapidly aging population, there is an urgent need to rethink the plan.

One major issue is 401(k)s’ high annual fees, which erode the very reserves employees are trying to build.

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