the reasons are well known in phyllis borzi and you both have mentioned some of them.n't provide lifetime benefits and retirees can outlive their assets. employees, rather than professionals, manage their own assets. they tend to be pretty badly. they take too much risk or too little risk, they fail to diversity, they put their investments in the employer stock, even after enron, and as you say, fees can decimate investment returns. loans and hardships withdrawals that you mention leak away assets. then, you know, the fundament fall issue that employers generally contribute only through a match for employees contributions. and lower income employees, as you've heard, tend not to participate. so they don't get anything from their employer as a result. the tax incentives are completely upside down for their program. they are skewed to higher income, higher tax bracket employees who need savings help the least. as a result, 80% of the tax benefits for participating go to the top 20% of earners. just increasing the kind of income inequalities that you and senator sanders h

and phyllis borzi, and you both have mentioned some of them. they don't provide lifetime benefits and retirees can outlive their assets. employees, rather than professionals, manage their own assets. they tend to do badly. they take too much risk, too little risk. they tend to diversity and put their investment in their employer stock. even after enron, we see this. : and as a result 80% of the tax benefits, the incentives for participating in for awake-- 401(k) plans go to the top 20% of earners, increasing the kind of income inequality that to you and senator sanders have been talking about. the result is a nation woefully unprepared for retirement, and i have different, slightly different figures but they are about the same magnitude as you just heard from mr. vanderhei. the retirement income deficit for households 32 to 64 is $6.6 trillion, and the federal budget deficit of course is about $1.2 trillion, to give you a reminder about the magnitude of this. so, the 401(k) i think is at the heart of this problem. it has had serious negative co