This year marks the 30th anniversary of the 401(k), the revolutionary retirement savings vehicle that has been annihilating pension plans, empowering individuals to take part in the stock market-and, sadly, that left retirees with the misfortune of leaving the workforce in 2000 or 2008 very badly off.

The cracks in the system are prompting many asset managers, regulators and retirement experts to take a hard look at the 401(k) system and how it can be fixed.

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