I was first introduced to the term "psychic numbing" as a college junior. While participating in a semester long seminar on the cultural history of atomic physics (this was the kind of course science majors took to meet their "arts and literature" diversification requirements), we read the book Hiroshima by John Hersey. This journalistic/clinical piece of literature detailed in agonizing detail the post-nuclear lives of the immediate survivors of the bomb that didn't end World War II.
It's not necessary to get into the entire history of the term and its use in psychology, but suffice it to say it arises when a person is subject to such a horrific experience they become apathetic. Now, I'm not trying to equate the impact of nuclear Armageddon with that of serving as a 401(k) plan sponsor, but there are similarities.
Just as society learned to stop worrying if not love the bomb, this same Dr. Strangelove-like condition exists in the minds of many 401(k) plan sponsors. The notion of their fiduciary duties seems so terrifying, they chose to ignore it, pretending it's not even there.
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.