Yes, but it was California's inept government that opened the door for the crooks to take charge. They failed to take the steps to control their markets, so someone else did.
The vast majority of 401(k) plans allow numerous allocation options, from money markets, to bonds funds, to balanced funds, to a variety of stocks funds, each with a different degree of risk:reward. Those that opted for the highest risk positions got what they bargained for. Nobody was complaining when they were getting double digit returns on quarterly basis in their 401(k). If they got burned, it's because they became greedy. And, you can forget defined benefit plans. Pensions plans don't work for what is a highly fluid, high turnover workforce. Defined contribution plans, properly managed, are the way to go. |
