While legislators have spent the summer debating a controversial bill that would ease regulations regarding who gets to provide 401(k) investors with financial advice, Ted Benna, the inventor of that investing vehicle, is issuing a stern warning to the industry: fix the way the plans are offered, or face obsolescence.

Benna, who sparked the 401(k) concept two decades ago, has waged a persistent campaign this summer to change the way the retirement plans are offered. He met with government officials and legislators, the American Association of Retired Persons, the American Benefits Council and others to promote a plan he thinks will provide advice to more investors and make it easier for companies to offer that advice.

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