Fifty years ago, the 401(k) plan was created as a supplemental plan to a pension. They were initially used by large corporations and were never meant to be a one-size-fits-all solution for the entire US workforce.

Fast forward 50 years: Today most businesses can't offer a 401(k) plan. The cost to offer a plan is too high, and there is an excessive amount of regulatory complexity, and the liability that comes with being a fiduciary. For employers that do make the leap to offer a 401(k), they are often faced with complex regulatory requirements, and realize after the fact, that they're saddled with the hidden costs of audits and other fiduciary requirements.  And if you're a small or mid-size employer, your employees will pay about double the cost to invest, since investment fees for smaller 401(k) plans are about double.