"Many 401(k) plans need the opposite (liquidity), [Mr. Schlichter] argued, in case of a layoff, bankruptcy, medical emergency, and educational needs for children, calling private markets' structure an 'inherent contradiction' when compared with the average individual.... He rhetorically asked who's pushing for private market investments in 401(k) plans -- not AARP, the Pension Rights Center, or unions, 'it's private equity managers that want to tap into $6 trillion in 401(k)plans. There are no advocates for ordinary investors who are advocating for it.' "  MORE >>