The 401(k) is hardly the sexiest topic of discussion—bring it up at a dinner party if you dare—but one that will invariably elicit pretty strong opinions.

In any debate, however, one word you’re unlikely to hear anyone use to describe  is “innovative.” For 40-plus years, HR departments have included it in benefits packages with little excitement or fanfare. And while other benefits have evolved with the times — look at what Covid did for wellness and mental-health offerings — the 401(k) remains the same.

Some Praise the "Free Money" From Employer Matches

This aspect can aid companies heavily competing for top talent. When it comes to recruitment,  found that a dollar in a 401(k) matching program has twice the impact of a dollar of cash compensation.

Others will claim the 401(k) is a benefit largely used by those who are already high earners. Meanwhile, most people, especially those who are working- or middle-class, simply don’t have the means to take advantage of it. And they’d be right. (, titled "Was the 401(k) a Mistake?," does a great job of fleshing that out.)

No matter which side you fall on, the 401(k) remains the default retirement vehicle for working Americans. Despite there , the  sits around $30,000, which, as we’ve learned, doesn’t get that employee close to .

We Need to Innovate

Retirement accounts are an area hungry for innovation, and we believe there are creative, strategic and insightful HR and finance leaders with bold ideas on what to do.

Yes, we at Basic Capital have our own thoughts about reimagining the 401(k), but we can’t do it alone. So we want maverick HR and finance leaders to tell us how they view the 401(k) in today’s economy, and how valuable it is as a tool for recruitment, how their workforce perceives it. Then we want to share your insights with the broader community.

We will release an annual State of the 401(k) Report, so if you fit the bill and have five minutes, we’d love to hear your thoughts.