The rise and demise(?) of the 401K. The article provides a history of how company pension plans (over 84,000 company pesnsion plans were eliminayed from 1985 to 2008) gave way to the rise of 401K plans. It turns out though, as the article shows, @ that the 401ks are a double edge sword today.
A growing number of private, multiemployer pension plans are projected to become insolvent over the coming years, as is the Pension Benefit Guaranty Corporation (PBGC), the government entity that insures them. Absent substantial reform, the PBGC will be unable to pay promised benefits to the retirees of the failed pension plans that it insures.