Among other things done to refute Galileo's irrefutable visual evidence, they ingeniously suggested a clear crystal the mountainous moon and that this invisible substance retained the spherical perfection desired by the organizational hierarchy. These rascals knew Galileo had no counter since he couldn't see this undetectable matter. For them, for whatever reason, they couldn't live without a perfect moon.

Similarly, today we have government, industry and media leaders who can't live without a perfect 401(k). They only see its blemishes, not the good it has accomplished. They see it as flawed because it relies on personal responsibility (i.e., not enough people have the discipline to save). They see it as defective because it has become a happy hunting ground for unscrupulous financial juggernauts all too willing to place their corporate interests (that would include management, employees and shareholders) above the interests of their clients (i.e., hidden fees, self-dealing conflicts-of-interest and snake-oil investment strategies). They see it as unreliable because the underlying investments themselves are faulty (i.e., the stock market goes up and down).

Modern day Galileos try to correct address these issues, whether by correcting misconceptions or proposing ways to create a more solid 401(k). Yet the very same sort of institutional inertia (i.e., industry lobbyists) faced by the real Galileo confronts the innovators of today. Not even an entity with the heft of the DOL can outplay the prowess of entrenched interests (i.e., see "The Fiduciary Rule"). It's gotten so bad the 'father" of the 401(k) thinks it's time to start over. To him, even the invisible lunar covering can't cover up the mistakes of his own invention.

But before we throw out the baby with the bath water, before we concede all is lost, perhaps we should be reminded of Galileo's apocryphal response that concluded the fable of the clear crystal blanketing the moon. Supposedly, upon hearing this argument first hand in the civil parlor of the palace of some aristocratic benefactor, Galileo paused. He then admitted his opponent was correct, the moon was enclosed by an unseen substance. But, he added, that substance had mountains three times larger than the ones he saw through his telescope!

With this kind of witty tenacity, the argument against the imperfection of the moon soon fell into disfavor among the Jesuits and Galileo scored one of his rare contemporary ecclesiastical victories. So, too, might we, with much hope, expect ultimate victory in the battle for the sanctity of the 401(k).

In the meantime, let us rejoice and give thanks for the cornucopia of success the 401(k) has brought to so many disciplined employees from every level of the workforce. You might remember the book The Millionaire Next Door by Thomas J. Stanley and William D. Danko. That book might not have been possible without the 401(k).

On behalf of the millions of millionaires next door, "Thank you, 401(k)!"

And a Happy Thanksgiving to you!

For those interested in reading more light-hearted adventures in the life of Galileo Galilei, click on "A Wrangler's Story."