Ordinary Americans struggle to fund their 401(k) plans while plutocrats fill theirs with tax-free millions

For a half-century, Congress has been offering middle- and working-class Americans options for tax-advantaged individual retirement savings, largely to compensate for the disappearance of traditional pensions. But the transition from so-called defined benefit pensions to defined contribution accounts such as 401(k) plans and individual retirement accounts hasn’t worked for millions of Americans. Roughly 40% of working Americans don’t have any retirement savings at all, and among those who do, their savings are too meager to support them through their retirement...