No matter which side of the current debate about privatizing Social Security you come down on, U.S. workers face a harsh reality: defined benefit pensions for life after retirement are fast becoming a 20th-century anachronism, and Americans must now rely on themselves for retirement benefits. "We're at a critical juncture in the country," states Dayton Molendorp, president and chief executive officer of OneAmerica Financial Partners, an Indianapolis-based company that traces its solid foundation back more than 125 years in the insurance and financial services industries. "Because we think it's wise to move to a structure that allows citizens to participate in investment of their own retirement dollars, 401 (k) plans are of critical importance."
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