[refurb]

> Company-administered pensions offered little to no opportunity for a financial services middleman to collect a percentage

This comment is laughable with it's "blame the Republicans". It's incredibly misinformed.

Who do you think manages the pension fund? Do you know how much money they make? If anything, getting rid of the pension fund eliminates the middleman.

The answer is easy - there is no long-term financial liability with a 401k match. The company gives the money and their obligations stop.

Pensions are notorious for creating future liabilities that companies can't predict. So they end up taking a hit to their financials in 2020 for a pension they awarded back in 1995.