Ted Benna told Fortune that what started as an alternate retirement avenue to turn spenders into savers has been restructured in a way that doesn’t always benefit the contributor the way it was intended.

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Ted Benna, often referred to as the “Father of the 401(k),” is a financial planner who in the 1980s played a crucial role in the creation of the retirement savings plan that has become a staple in American financial planning. However, in recent years, Benna has expressed deep concern about the way his creation has evolved and the negative impact it has had on retirement savings for many Americans.

When Benna first conceived the 401(k) plan, his intention was to provide a tax-advantaged way for employees to save for retirement, with the added benefit of employer contributions and the potential for investment growth. The idea was revolutionary at the time and quickly gained popularity among employers seeking to offer retirement benefits to their employees.

However, over the years, the 401(k) plan has morphed into something far different than Benna originally intended. With the decline of traditional pension plans, many employers have shifted the burden of retirement savings onto employees, who are now expected to make complex investment decisions with little to no financial education or guidance. This has resulted in many Americans not saving enough for retirement and struggling to make their savings last through their golden years.

Benna has also criticized the high fees and lack of transparency associated with many 401(k) plans, which can eat away at investment returns over time. In addition, the proliferation of target-date funds, which are meant to simplify investment decisions but often come with high fees and underperformance, has further complicated the retirement savings landscape.

Despite his concerns, Benna remains optimistic that the 401(k) plan can be salvaged and improved to better serve the needs of savers. He has advocated for greater transparency and lower fees in retirement plans, as well as more education and guidance for participants. Benna believes that with the right reforms, the 401(k) plan can once again fulfill its original purpose of helping Americans save for a secure retirement.

In conclusion, Ted Benna, the “Father of the 401(k),” is disturbed by the way his creation has evolved and the challenges it presents for retirement savings. However, he remains hopeful that with the right changes, the 401(k) plan can still be a valuable tool for Americans preparing for their golden years.