Retirement investing is a key to your financial prosperity, and 401(k) plans can help you realize your retirement dreams. But many complain about the lack of investment options in some 401(k) plans. Now, Schwab (NYSE:SCHW) hopes to change that with an all-ETF 401(k) plan for employers.

In the following video, Dan Caplinger, The Motley Fool's director of investment planning, explains the program and how it will offer ETFs not just from Schwab but also other providers, including BlackRock (NYSE:BLK), State Street (NYSE:STT), and Vanguard. Lower fees could be a huge boon for workers, given that high-priced mutual funds often find their way into 401(k) plan investment menus. But Dan points out that it's really up to employers to decide whether an all-ETF 401(k) plan makes sense for them, and past efforts to introduce more low-cost index mutual funds have had only mixed success. Dan concludes that it's important to look at your own specific plan to make the most of whatever it offers you.