Wall Street keeps telling regulators, lawmakers, and plan sponsors that private credit in 401(k) plans is coming.  That is the distraction.  Private credit is not coming. It is already here. And not in the place anyone is debating. Roughly 98% of all private credit exposure inside 401(k) and 403(b) plans already sits inside one product: … Continue reading The 401(k) Private Credit Lie: 98% of the Risk Is Already There—Hidden Inside Annuities