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60 Minutes: The 401k Fallout (Something like MPFA in Hong Kong)

The 401k Fallout
"The recent financial collapse has devastated this retirement resource. Older workers are hardest hit, as their financial futures may now be at risk."
http://www.cbsnews.com/video/watch/?id=4955194n

"In USA, a 401(k) plan allows a worker to save for retirement and have the savings invested while deferring current income taxes on the saved money and earnings until withdrawal. The employee elects to have a portion of his or her wages paid directly, or "deferred," into his or her 401(k) account. In participant-directed plans (the most common option), the employee can select from a number of investment options, usually an assortment of mutual funds that emphasize stocks, bonds, money market investments, or some mix of the above."
http://en.wikipedia.org/wiki/401(k)

This video talks about:
- the original intends of the 401k plan
- how the plan is failing the people
- hidden fees
- Influence of the finance lobby group

This sounds very similar to MPFA situation in HK. Or maybe they are one and the same.