Search
 

Herb Brooks and the miracle of the 401(k)

1980 was a magical year, and not just because of the US Hockey Teams unbelievable win in the Lake Placid Olympics. As explained by Mark Iwry, Senior Advisor for the Treasury Department, it was also the beginning of the 401(k), a beginning the IRS had no small hand in.

By Chris Carosa | Updated on February 19, 2014

1980 was a magical year, and not just because of the US Hockey Team’s unbelievable win in the Lake Placid Olympics. As explained by Mark Iwry, Senior Advisor for the Treasury Department, it was also the beginning of the 401(k), a beginning the IRS had no small hand in (see, “Exclusive Interview: Treasury Senior Advisor Mark Iwry Explains the Early History of the 401(k) and Where We Might be Heading,” FiduciaryNews.com, February 19, 2014). But this story begins a few months earlier.

A funny thing happened on the way to crew practice at the onset of sophomore year – I got lost. I walked up the worn steps of Lindsey-Chit only to find an empty room. I reached into the deep pockets of my green wind jacket for the note with the meeting info. My fingers found nothing but pieces of lint which promptly disintegrated at the touch. I hustled back to my dorm room and interrupted a tense meeting between the hockey team’s current captain, its future captain and at least two others. The room went silent as I opened the door to several pairs of angry eyes.

Complete your profile to continue reading and get FREE access to BenefitsPRO.com, part of your ALM digital membership.

Your access to unlimited BenefitsPRO.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical BenefitsPRO.com information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
  • Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com

Already have an account?

NOT FOR REPRINT

© 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.

Recommended Stories

BenefitsPRO

Join BenefitsPRO

Don’t miss crucial news and insights you need to navigate the shifting employee benefits industry. Join BenefitsPRO.com now!

  • Unlimited access to BenefitsPRO.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
  • Exclusive discounts on BenefitsPRO.com and ALM events.

Already have an account? Sign In Now
Join BenefitsPRO

Copyright © 2024 ALM Global, LLC. All Rights Reserved.