Core Viewpoint - The article emphasizes the importance of a disciplined, long-term investment approach, suggesting that a degree of "laziness" can lead to better investment outcomes compared to being overly active and reactive to market fluctuations [1][2]. Group 1: U.S. Pension System - The U.S. pension system consists of three pillars: public pensions, employer-sponsored pension plans, and personal savings and investments [3][4][5]. - The second pillar, employer-sponsored pension plans, has the highest coverage, exceeding 50%, and dates back to post-World War II [6][7]. - The introduction of the 401(k) plan in 1981 shifted the responsibility of retirement savings from employers to employees, requiring individuals to make investment decisions [11][13]. Group 2: Lessons from Human Laziness - Many employees did not actively participate in the new 401(k) plan due to a lack of understanding and the inherent laziness of human nature, leading to inadequate retirement savings [14]. - In 2006, legislation was passed to encourage passive long-term investment through automatic enrollment in 401(k) plans, automatic contributions, and default investment options [15][16][29]. Group 3: Features of the 401(k) Plan - Automatic enrollment allows employees to be enrolled in the 401(k) plan without needing to take action, addressing the issue of inaction due to laziness [16]. - Automatic contributions and gradual increases in contribution rates help employees build their retirement savings without requiring constant decision-making [17][18]. - Default investment options, such as target-date funds, simplify the investment process for employees who may lack investment knowledge, leading to better long-term outcomes [20][21][22]. Group 4: Implications for Investment Discipline - The article suggests that adopting a disciplined investment strategy, similar to the principles of the 401(k) plan, can yield positive results over time [29][32]. - The introduction of personal pension policies in China mirrors some aspects of the U.S. system, highlighting the universal nature of human behavior in investment [30][31].