The 401(k) retirement plan was authorized by the Revenue Act of 1978, which took effect in 1980, but its real genesis is the 1974 Employee Retirement Income Security Act, which fixed the problem of underfunded defined-benefit plans so thoroughly that private employers stopped offering them. Benefits consultant Ted Benna came up with a way to use the 1978 Act for a tax-deferred, defined-contribution plan and the rest is history. The tax advantage of a 401(k) depends on four factors, all of which have changed dramatically since 1980 to the detriment of 401(k)s. Read the whole thing. I Was Wrong About Florida's Response to Covid-19 — Joe Nocera The U.K.'s Response to Covid-19 Has Been World-Class — Tyler Cowen AOC's Powerful and Historic Floor Speech — Francis Wilkinson The Virus Will Make Everything Bad About Flying Worse — David Fickling Trump Did Nothing to Help the Economic Boom — Noah Smith Undermining the CDC Puts Lives at Risk — Michael R. Bloomberg China Is Nearing Its Lehman Moment — Anjani Trivedi and Shuli Ren The U.S. Is on the Verge of Lockdown 2.0 — Noah Smith The Pandemic May Very Well Last Another Year or More — Peter R. Orszag, David Gluckman and Stephen H. Sands This is the Weekend Edition of Bloomberg Opinion Today, a roundup of the 10 most popular stories Bloomberg Opinion published this week based on web readership. | 
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