This broader definition of fiduciary may impose a potential hardship on a segment of the retirement industry that has been trying hard to gain a foothold in plan infrastructure.
Tag "Michelle Capezza"
It’s clear, then, that there’s a problem. In order how to best come up cure for Covid-related leakage, we have to zero in on exactly when the trouble lies.
The twist is this: The bad news is only a fraction of the people will be able to save $4.3 million for retirement because the average salary is too low. The good news is most people won’t need to save $4.3 million because, thanks to living on a low average salary, they are accustomed to spending far less.
The challenge is plan sponsors often can’t determine if an account is forgotten until some triggering event. And by that time, it’s too late.
Back then, at least, we knew who wore the white hats and who whore the black hats. Today, thanks to muddled and often conflicting regulations for multiple agencies, everyone is wearing fifty shades of gray.
So what if a few very high net savers end up with bigger retirement plans? Good for them. The point is to make it easier for more people to save more.
This week is all about those wayward 401k features that are well beyond their expiration date. Careful, though. In the process, you’ll see what’s garbage to one is a work of art to another.
Well, if we’re thinking outside the box, why not go big? It turns out, retirement planning isn’t just about accumulating sources of future funds.
This week we’ll be focusing on those favorite features as judged by the retirement plan professionals we interviewed. Don’t be surprised if over the next few weeks you discover that one provider’s treasure is another provider’s trash.
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