News, Vision & Voice for the Advisory Community States may force millions of small employers to sponsor pensions, buoying VC-backed digital recordkeepers. But RIAs like Fisher Investments are trying to convince small businesses to set up their own 401(k) plans to meet new mandates. December 17, 2020 — 9:34 PM by Lisa Shidler Brooke's Note: The pendulum is swinging again in the pension world. Coverage of private-sector employees with workplace retirement plans -- all defined benefit -- was at 85% in 1975 but had fallen to 33% by 2005. The reasons are complex. One factor was the rise of 401(k) plans invented in 1978 but then slowly implemented in the 1980s. These defined contribution plans appealed to employers but -- bottom line -- left many employees retiring with small pensions or none at all. With government left to pick up the pieces for low-balance retirees, it's no surprise that they are passing new rules to up coverage. Vestwell and Ascensus are angling in as first movers. But RIAs may get a windfall if Ken Fisher is right. The one clear way to dodge the state plan mandate is to set up a 401(k) plan. The 401(k) business has grown up and now plays to the strengths of many RIAs. See: