Tag: 401k rollovers
Retirement Savers Should Be Protected Against Costly Financial Advice – Especially for Rollover IRAs
But courts block effort to curtail conflicts of interest. In October 2023, President Biden announced that the Department of Labor (DOL) would propose a new rule to protect people saving for retirement against conflicted advice. Under the current state of play, DOL regulations regarding advice to employer-sponsored plans are governed by ERISA’s fiduciary rule, whic…
Current provisions encourage leaving the 401(k) system. I’ve been thinking a lot about leakages from retirement accounts lately. The system we have is not very sensible. Money escapes when people change jobs with no rationale for such distributions. Yes, the participant faces a 10-percent penalty in addition to federal and state income taxes, but that…
