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401k question
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<blockquote data-quote="Bubblehead" data-source="post: 410816" data-attributes="member: 14176"><p>It is a little known fact that the 401K system was never created with the intent of it being a retirement plan. It was originally designed to be a tax shelter for employees of the Kodak Corp who were enjoying record profits. The large profit sharing awards were pushing some employees up into the next tax bracket. It's popularity grew as some employers began to use it in lue of a pension. They offered contribution matching programs knowing that a certain percentage of employees would not have the discipline to participate. As this retirement system evolved corporate america has reduced its burden of retirement contributions from roughly 80% to less than 50% for retirees over the last 40 years. Just another shining example of corporate greed. Where does the extra money end up. In the CEO's and high ranking exec's golden parachutes. Neat.</p></blockquote><p></p>
[QUOTE="Bubblehead, post: 410816, member: 14176"] It is a little known fact that the 401K system was never created with the intent of it being a retirement plan. It was originally designed to be a tax shelter for employees of the Kodak Corp who were enjoying record profits. The large profit sharing awards were pushing some employees up into the next tax bracket. It's popularity grew as some employers began to use it in lue of a pension. They offered contribution matching programs knowing that a certain percentage of employees would not have the discipline to participate. As this retirement system evolved corporate america has reduced its burden of retirement contributions from roughly 80% to less than 50% for retirees over the last 40 years. Just another shining example of corporate greed. Where does the extra money end up. In the CEO's and high ranking exec's golden parachutes. Neat. [/QUOTE]
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